Pakistan stocks end higher, rupee steady

KARACHI: Pakistan’s main stock exchange closed higher on Wednesday with the benchmark 100-share index of the Karachi Stock Exchange rising 1.04 per cent or 239.51 points to 23,231.68.

Led by Pakistan Petroleum Ltd and Lucky Cement Ltd the market continues its positive trend.

Stability in global equity markets after pause on Syrian strike also give confidence to market participants.

Pakistan Petroleum Ltd rose 3.9 per cent to 260.50 rupees while Lucky Cement Ltd was up 3.19 per cent to 264 rupees.

The rupee ended weaker at 104.75/104.80 against the dollar, compared to Tuesday’s close of 104.75/104.82.

Overnight rates in the money market rose to 8.50 per cent from Tuesday’s close of 6.50 per cent.