KARACHI: Pakistan’s main stock exchange closed higher on Monday with the benchmark 100-share index of the Karachi Stock Exchange rising 0.19 per cent or 44.36 points to close at 23,639.97 points.
The market witnessed dull and ranged bound activity. With no major triggers in the coming days investors preferred to stay on the sidelines.
The telecom sector remained on the investors’ radar as they expected better earnings after government’s measures to curb grey trafficking.
Oil stocks witnessed profit taking while banking stocks continued to rally, dealers said.
National Bank of Pakistan rose 2.45 per cent to 55.95 rupees while Oil and Gas Development Co Ltd was down 0.92 per cent to 248.50 rupees.
The rupee ended weaker at 105.80/105.85 against the dollar, compared to Friday’s close of 105.54/105.59.
Overnight rates in the money market fell to 8.50 percent from Friday’s close of 9.25 percent.