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Pakistani stocks end higher, rupee weakens

January 04, 2013

The Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistani stocks closed higher on Friday amid renewed buying interest in banking stocks.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.36 per cent, or 60.30 points, higher at 16,648.84.

Byco Petroleum was up 3.14 per cent to 13.80 per share and United Bank Ltd rose 0.84 per cent to 82.50 per share.

Fauji Bin Qasim fell 0.23 per cent to 38.50 per share while D.G. Khan Cement was down 0.3 per cent to 52.85 per share.

In the currency market, the Pakistani rupee ended weaker at 97.42/97.47 against the dollar, compared to Thursday’s close of 97.35/97.40.

Overnight rates in the money market rose, ending at 9.25 per cent compared to Thursday’s close of 6.75 per cent.