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Pakistan stocks rally; rupee almost flat; o/n rates unchanged

July 31, 2012

A money changer counts US dollars. — File Photo
A money changer counts US dollars. — File Photo

ISLAMABAD: Pakistan's main stock market closed up on Tuesday on investor hopes that relations between Islamabad and Washington will improve after the two signed an agreement on overland supplies to Nato troops in Afghanistan through Pakistan, dealers said.

The Karachi Stock Exchange benchmark 100-share index gained 65.46 points, or 0.45 per cent, to close at 14,577 on volume of 61.59 million shares.

“The market improved by 65 points after the signing of an MoU (memorandum of understanding) between Pakistan and the United States on Nato supplies today,” said Samar Iqbal, a dealer at Topline Securities.

In the currency market, the rupee closed almost flat at 94.62/68 to the dollar compared with Monday's record low of 94.63/70.

Overnight rates in the money market remained unchanged at 11.90 per cent.