May 26, 2016 / 12:32 PM / in a year

Pakistan shares end higher; rupee flat, o/n rates rise

KARACHI, Pakistan, May 26 (Reuters) - Pakistan stocks closed higher on Monday as rising international oil prices buoyed oil stocks, while bank shares extended losses after the central bank cut its key policy rate over the weekend, analysts said.

The benchmark 100-share index of the Pakistan Stock Exchange finished 0.11 percent higher, or 41.54 points, to close at 36,540.97 points.

“Brent crude traded above $50 per barrel for the first time since November on signs a two-year surplus is coming to an end, lifting commodity companies,” said Gohar Rasool, head of international sales at Inter Market Securities Pvt Ltd.

Pakistan State Oil Company Ltd closed up 0.17 percent, while Hascol Petroleum Ltd rose 1.08 percent.

Banking stocks however fell after Pakistan’s central bank cut its key interest rate to 5.75 percent. MCB Bank Ltd dropped 0.6 percent, while Habib Bank Ltd lost 0.67 precent.

Feroze1888 Mills Ltd rallied, gaining 5.0 percent to close at 253.05 rupees, while Engro Foods Ltd closed up 3.87 percent.

Traded volume stood at 109 million shares, with traded value at 7.83 billion rupees ($74.74 million).

The rupee ended flat at 104.78/104.83 against the dollar, compared with Wednesday’s close of 104.77/104.80.

Overnight rates in the money market rose to 5.70 percent from Wednesday’s close of 5.50 percent.

$1 = 104.7700 Pakistani rupees Reporting by Asad Hashim; Editing by Biju Dwarakanath

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