Business

KSE 100-Index ends higher; rupee strengthens

KARACHI: Karachi Stock Exchange on Friday closed higher with 100-Index gained 1.52 percent, or 498.30 points, to close at 33,234.73.

Pakistan equities closed the week positive on note led by oil stocks, Pakistan Petroleum Ltd, Pakistan Oil Fields and Oil and Gas Development Company over heightened institutional interest following the rise in international crude.

Cement and fertilizer remained upbeat as the earlier carried momentum from yesterday’s post Finance Minister’s statement for the possible interest rate cut in the next monetary policy.

Market is expected to trade positive during the earnings season and as Chinese President visits Pakistan over likely announcement pertaining to infrastructure and energy projects, said Saleem John, an analyst at Al-Hoqani Securities & Investment Corp.

Engro Corporation Ltd was up 3.1 percent to 289.25 rupees, while D.G.Khan Cement Co Ltd was up 4.25 percent to 128.90 rupees.

The rupee ended higher at 101.50/101.55 against the dollar, compared with Thursday’s close of 101.62/101.67

local currency is likely to appreciate on account of strong external Inflows and rising foreign exchange reserves dealer said.

Overnight rates in the money market rose to 8.00 percent from Thursday’s close of 7.50 percent. -Reuters

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