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Pakistani stocks end higher; rupee weakens; o/n rates fall

October 09, 2012

A stockbroker talks on his mobile during a trading session inside the trading hall of the Karachi Stock Exchange – File photo by Reuters
A stockbroker talks on his mobile during a trading session inside the trading hall of the Karachi Stock Exchange – File photo by Reuters

KARACHI: Pakistani stocks closed higher on Tuesday as investors increased buying amidst optimism over upcoming September quarter earning announcements, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.23 per cent, or 36.23 points, higher at 15,688.24 on total volume of 110.96 million shares.

“Near the close of the session, renewed buying interest in select stocks helped index to close 36 points up,” said Samar Iqbal at Topline Securities.

“Amid better expectations for September quarter earnings, cement stocks were in the limelight.”

In the currency market, the Pakistani rupee ended weaker at 95.50/95.56 compared to Monday’s close of 95.46/95.52 to the dollar.

Overnight rates in the money market ended lower at 8.50 per cent compared to Monday’s 9.50 per cent.