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Pakistani stocks rally past 18,000-mark

February 22, 2013


A stockbroker at the Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistan’s stock market closed higher on Friday after the index crossed 18,000 points, boosted by buying from foreign fund managers in the last few days.

The Karachi Stock Exchange's (KSE) benchmark100-share index ended 0.86 per cent, or 153.25 points, higher at 18,074.27.

Around 370 million shares were traded, mostly in telecoms companies. Both Pakistan Telecommunication Corporation and Engro Corporation closed at their upper limit.

Their stocks were boosted by news that the courts had approved a rise in international call rates and that the Engro would receive a steady gas supply. Pakistan suffers from chronic gas and electricity shortages.

Some correction was witnessed in oil stocks due to falling international oil prices, said equity dealer Samar Iqbal at Topline Securities.

World Call Telecom rose 2.7 percent to 3.80 rupees and Pakistan Telecommunication Corporation rose 4.99 percent to 23.97 rupees.

In the currency market, the rupee ended at 98.06/98.12 against the dollar, stronger than Thursday’s close of 98.13/98.18.

Overnight rates in the money market rose to 9 per cent from Thursday close of 8.50 percent.