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Pakistan stocks close higher, rupee weakens, o/n rise
May 30, 2013 / 12:51 PM / 5 years ago

Pakistan stocks close higher, rupee weakens, o/n rise

KARACHI, May 30 (Reuters) - Pakistan’s stocks closed higher on Thursday, with volumes hitting a seven year high of 640 million shares.

Oil and Gas Development Co Ltd and Pakistan State Oil Co Ltd share prices rose on expectations that the incoming government will tackle the energy crisis, boosting demand for fuels from power generation firms, one dealer said.

Oil and Gas Development rose 1.69 percent to 242.88 rupees while Pakistan State Oil Co Ltd closed up 4.37 percent at 290.60 rupees.

The Karachi Stock Exchange’s benchmark 100-share index closed 0.70 percent, or 149.54 points, higher at 21,590.66.

The rupee ended weaker at 98.48/98.53 against the dollar compared to Wednesday’s close of 98.43/98.49.

Overnight rates in the money market rose to 9.50 percent from Wednesday close of 9.40 percent. (Compiled by the Karachi newsroom)

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