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Pakistani stocks close higher, rupee weakens

February 04, 2013

The Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistan's stock market closed higher on Monday, with the telecommunications sector taking the lead as investors predicted earnings would be stronger than expected, traders said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.13 percent, or 21.84 points, higher at 17,288.07.

“(The) Telecom sector remained in the limelight as investors expect December quarter earnings will be better due to an increase in international call rates,” said Samar Iqbal, a dealer at Topline Securities.

Telecard rose 24.38 percent to 4.54 rupees.

Pakistan Telecommunication Corporation rose 5.21 percent to 19.40 rupees.

In the currency market, the rupee ended weaker at 97.73/97.79 against the dollar, compared to Friday's close of 97.70/97.75.

Overnight rates in the money market remained flat at nine percent.