Pakistani stocks close higher, rupee steady, o/n rise

KARACHI: Pakistan’s stocks closed higher on Thursday, with buying of cement and banking stocks helping the index recover 184 points.

Continued profit taking was witnessed in oil stocks, dealers said.

The Karachi Stock Exchange’s benchmark 100-share index closed 0.83 per cent, or 184.28 points, higher at 22,276.70.

The Pakistan Oil and Gas Development Co Ltd fell 0.17 per cent at 245.02 rupees, while Maple Leaf Cement Factory Ltd was up 2.32 per cent at 23.36 rupees.

The rupee ended almost steady at 98.47/98.50 against the dollar.

Overnight rates in the money market rose to 9 per cent from Wednesday’s close of 7 per cent.