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KSE-100 inches closer to 17,000 points in intraday trading

Published Dec 07, 2012 01:59pm

A stockbroker on the floor of the Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistani stocks hit a record high in intraday trading for the fourth straight session on Friday, but settled lower as traders booked profits to close out the week.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged as high as 16,903.46 in intraday trading.

It closed at 16,807.91 points, down 0.10 per cent or 16.64 points.

The index has hit record highs in eight of the last nine sessions, and was up more than 25 per cent since mid-June.

Lotte Pak rose 11.32 per cent, or 0.83 rupee, to 8.16 per share, while Azgard Nine was up 2.07 per cent, or 0.18 rupees, to 8.88 per share.

Maple Leaf Cement fell 6.93 per cent, or one rupee, to 13.43 per share.

In the currency market, the Pakistani rupee weakened to 96.70/96.76 against the dollar, compared to Thursday’s 96.54/96.59, ahead of scheduled government debt and oil payments, dealers said.

Overnight rates in the money market eased to 9 per cent from 10 per cent on Thursday.