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Business & Economy

Pakistan stocks close higher, rupee firm

KARACHI: Pakistani stocks closed higher, as equity values inched up by 0.7 percent led by small cap stocks.
Engro Corporation remained in the limelight, with investors expecting the company to post positive results after improved performance by its fertilizer business, dealers said.
Fauji Cement also remained in the limelight due to speculation of exceptional results.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.71 percent, or 132.37 points, higher at 18,779.66 points.
Engro Corporation Ltd. rose 2.76 percent to 138.85 rupees and Fauji Cement Company Ltd. was up 4.41 percent to 8.76 rupees.
In the currency market, the rupee ended almost steady at 98.38/98.43 against the dollar compared to Tuesday’s close of 98.36/98.42.
Overnight rates in the money market fell to 9.40 percent from Tuesday’s close of 9.50 percent.

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