Pakistan stocks end higher, rupee strengthens, o/n rate rise

KARACHI: Pakistan's main stock exchange closed higher on Wednesday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.12 per cent or 27.96 points to 23,312.77. The banking sector saw lacklustre activity particularly in United Bank Ltd and Muslim Commercial Bank Ltd. The cement sector also failed to perform, with investor expectation of low dispatches dampening sentiment. Dealers said they expect the market to be lacklustre for the next few trading sessions as Eid holidays after Ramadan are around the corner. Muslim Commercial Bank Ltd fell 0.62 per cent to 272.01 rupees and Maple Leaf Cement Factory Ltd was down 0.46 per cent at 30.48 rupees. The rupee ended at 101.68/101.73 against the dollar, compared to Tuesday’s close of 101.70/101.80. Overnight rates in the money market rose to 9 per cent from Tuesday’s close of 8.25 per cent.