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Pakistani stocks end higher; rupee steady; o/n rates flat
February 3, 2014 / 12:47 PM / 4 years ago

Pakistani stocks end higher; rupee steady; o/n rates flat

KARACHI, Feb 3 (Reuters) - Pakistan’s main stock exchange closed higher on Monday with the benchmark 100-share index of the Karachi Stock Exchange rising 0.60 percent, or 161.76 points, to 26,946.10.

Investors were buoyed by an announcement that year-on-year inflation had slowed to 7.91 percent in January, against 9.2 percent in December.

Pakistan Telecommunication Co Ltd announced strong earnings and impressive dividends, fueling investors’ interest. Investors also bought into Engro Corporation Ltd and Pakistan State Oil Co Ltd.

Engro Corporation Ltd rose 0.27 percent to 178.75 rupees while Pakistan State Oil Company Ltd was up 1.19 percent to 345.89 rupees.

The rupee ended at 105.52/105.57 against the dollar compared to Friday’s close of 105.50/105.55.

Overnight rates in the money market remained flat at 10.00 percent. (Compiled by the Karachi newsroom)

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