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Pakistani stocks end up on hopes for better US ties

July 02, 2012


The Karachi Stock Exchange.—Reuters Photo

ISLAMABAD: Pakistan’s main stock market closed up on Monday in line with global markets and on hopes for improvement in badly frayed relations between Islamabad and Washington, dealers said.

The Karachi Stock Exchange benchmark 100-share index closed 2.47 per cent, or 341.51 points, higher at 14,142.92 on volume of 84.1 million shares.

“Recovery in the international equity and commodity markets, coupled with positive developments in Pakistan-US relations, created an across-the-board buying spree,” said Samar Iqbal, a dealer at Topline Securities.

Pakistan said on Monday that no decision has been reached in difficult talks to repair ties with the United States, but there has been “positive progress”, the foreign ministry spokesman was quoted as saying by state media.

Monday was a bank holiday in Pakistan.

The rupee closed at 94.49/55 to the dollar on Friday.

Overnight rates in the money market closed at 11.90 per cent on Friday.