Pakistani stocks rise 526 points, rupee stays steady

KARACHI: Pakistan’s main stock exchange closed higher on Thursday with the benchmark 100-share index of the Karachi Stock Exchange rising 2.30 per cent or 526.92 points to 23,456.98.

Improving global equity markets and stability in the Pakistani rupee helped restore investors’ sentiments at the local bourse. Healthy foreign buying during the previous day also boosted sentiments, dealers said.

There was continuous interest in banking stocks. National Bank of Pakistan rose 4.99 per cent to 55.08 rupees while Bank Al-Habib was up 4.98 per cent to 41.28 rupees.

The rupee ended steady at 105.65/105.75 against the dollar, compared to Wednesday’s close of 105.65/105.82.

Overnight rates in the money market fell 9.00 percent from Wednesday’s close of 9.25 per cent.