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Pakistani stocks surge at record high, cross 16,500 mark

November 29, 2012

The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks hit a record high on Thursday for the third day in a row, driven by interest in Unilever and banking stocks, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged to a record high of 16,556.27 in intraday trading. It closed at 16,527.08, up 0.63 per cent or 103.05 points.

Financial services company Jahangir Sidiqui rose 6.38 per cent, or 1.0 rupees, to 16.68 per share, while Byco Petroleum (BYCO.KA) was up 2.42 per cent, or 0.25 rupees, to 10.56 per share.

DG Khan Cement fall 2.1 per cent, or 1.16 rupees, to 53.98 per share. Dealers said trading was strong in the cement, textile and fertilizer sectors.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate at next month’s monetary policy meeting.

In the currency market, the Pakistani rupee closed slightly weaker on 96.54/96.59 to the dollar, compared to Wednesday’s close of 96.53/96.58, ahead of scheduled debt repayments to the International Monetary fund (IMF) and strong demand for dollars, dealers said.

Overnight rates in the money market ended at 9.50 per cent compared to Wednesday’s close of 9 per cent.