Pakistani stocks end higher, rupee strengthens, overnight rates rise

Written by Reuters | Karachi | Updated: Jan 18 2014, 01:19am hrs
Pakistan's main stock exchange closed higher on Friday with the benchmark 100-share index of the Karachi Stock Exchange rising 0.69 percent, or 183.61 points, to 26,913.85.

With much awaited listing of (EFERT) Engro Fertilizer market cap of KSE100 increased by $361 mn. Moreover, it also led to growth in investment of some 30,000 applicants who successfully participated in IPO process. Interest was seen in Pakistan Telecommunication Co Ltd and Muslim Commercial Bank Ltd amongst others. dealer said.

Pakistan Telecommunication Co Ltd rose 3.18 percent to 29.50 rupees and Muslim Commercial Bank Ltd was up 1.54 percent to 295.90 rupees.

The rupee ended at 105.30/105.35 against the dollar compared to Thursday's close of 105.40/105.46.

Overnight rates in the money market rose to 9.75 percent from Thursday's close of 9.50 percent.