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Pakistani stocks close higher over hopes of political stability

January 17, 2013

Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: The Pakistani stock market closed higher on Thursday as the market steadied amid news that the major political parties had reached consensus on election related issues and a government delegation met a cleric leading a protest in the capital.

Mid cap stocks remained active. The greatest volumes of trade occurred in Fauji Cement stocks, followed by finance firm Jahangir Siddiqui and Byco Petroleum, said dealer Samar Iqbal at Topline Securities.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.68 per cent, or 109.62 points, higher at 16,291.09.

Fauji Cement rose 2.37 per cent to 6.90 rupees per share while Byco Petroleum was up 3 per cent to 13.37 rupees per share.

D.G. Khan Cement dropped 0.74 per cent to 51 rupees per share and Lucky Cement fell 0.22 per cent to 146.60 rupees per share.

In the currency market, the Pakistani rupee ended steady at 97.58/97.65 against the dollar, compared to Wednesday’s close of 97.58/97.64.

Overnight rates in the money market remained flat at 9.40 per cent.