Pakistani stocks end higher; rupee weakens

Karachi: Pakistan’s main stock exchange closed higher on Monday, with the benchmark 100 share index of the Karachi Stock Exchange rising 0.41 per cent, or 99.38 points, to 24,401.57.

December got off to an impressive start for the market with participation remaining on the higher side. Such was the positivity that investors overlooked an above-expectation consumer price index (CPI).

Widespread interest was seen in cement, textiles and banking sector stocks, said a dealer.
Fauji Cement Ltd rose 2.1 per cent to 13.60 rupees while Nishat Mills Ltd was up 4.86 per cent at115.48 rupees.

The rupee ended weaker at 108.48/108.54 against the dollar, compared with Friday’s close of 108.45/108.50.

Overnight rates in the money market remained flat at 10.00 per cent.

Source: Reuters