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Pakistani stocks close higher, rupee firm

March 29, 2013

The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistan’s stock market closed higher on Friday, driven mainly by the telecommunications sector, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.53 per cent, or 95.55 points, higher at 18,043.31 points.

Oil and Gas Development Company Ltd rose 0.76 per cent to 204 rupees and Wateen Telecom Ltd rose 10.16 per cent to 4.23 rupees.

“Led by telecom sector market closed above 18,000 points mark with decent volumes. Wateen Telecom remained in limelight,” said Samar Iqbal, a trader at Topline Securities.

In the currency market, the rupee ended steady at 98.38/98.43 against the dollar.

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