KSE-100 index gains 310.68 points


Karachi Stock Exchnage (KSE) closed higher on Friday following news that the government had struck a deal with protesters occupying the main street in the capital and the protesters had agreed to go home.

The KSE benchmark 100-share index ended 1.91 percent, or 310.68 points, higher at 16,601.77.

Investors bought stocks in Fauji Cement, Maple Leaf Cement, Byco Petroleum and finance firm Jahangir Siddiqui.

There were higher volumes of trading in the KSE despite a strike in Karachi over the murder of a MPA Manzar Imam, said dealer Mohammad Rizwan, the senior manager of equity sales at Topline Securities.

Fauji Cement rose 7.26 percent to 7.39 rupees per share while Byco Petroleum was up 4.75 percent to 13.90 rupees per share.

D.G. Khan Cement rose 2.83 percent to 52.60 rupees per share and Engro Foods was up 4.55 percent to 99.29 rupees per share.

In the currency market, the rupee ended weaker at 97.64/97.69 against the dollar, compared to Thursday’s close of 97.58/97.65.

Overnight rates in the money market ended at 9.25 percent compared to Thursday’s close of 9.40 percent.