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Pakistani stocks close higher, rupee weakens

March 28, 2013

A stockbroker at the Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistan’s stock market closed higher on Thursday, driven by interest in aviation and telecom stocks, despite trading volumes at a 10-week low.

Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.28 per cent, or 49.86 points, higher at 17,947.76 points.

The telecom sector gained some momentum after the Supreme Court deferred a final decision on a case over international calling rates, dealers said.

Pakistan International Airline Corporation rose 1.97 per cent to 7.25 rupees and Pakistan Telecommunication Company Ltd rose 1.02 per cent to 19.90 rupees.

In the currency market, the rupee ended weaker at 98.37/98.42 against the dollar, compared to Wednesday’s close of 98.35/98.39.

Overnight rates in the money market fell to 9.40 per cent from Wednesday’s close of 9.50 per cent.