KARACHI: Pakistan’s stocks closed higher as the market rebounded after some correction yesterday, mainly led by cement stocks.
Fauji Cement and D. G. Khan Cement rallied in anticipation of the government allocating a high budget for development expenditures.
Pakistan State Oil Company Ltd. gained Rs.9.00, with investors hoping the resolution of circular debt would help the oil marketing company, dealers said.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.59 percent, or 120.43 points, higher at 20,537.03.
D.G.Khan Cement Company Ltd. rose 2.21 percent to 75.50 rupees and Pakistan State Oil Company Ltd. was up 4.23 percent at 244.50 rupees.
In the currency market, the rupee ended at 98.45/98.50 against the dollar, stronger than Thursday’s close of 98.50/98.55.
Overnight rates in the money market remained flat at 9.40 percent.
In another development, the Commerce Ministry said Islamabad had authorized the export of 100,000 tons of wheat to Iran in trade not jeopardized by Western sanctions, to settle dues for electricity supplied to Pakistan’s energy-starved border areas.
The shipment of 100,000 tons was to have been delivered to Iran in mid-February but was delayed by preparations for Pakistan’s May 11 election.
“The wheat is being given to Iran against the outstanding payment of $ 53 million for electricity supplied to Pakistani border areas from the Iranian grid,” ministry spokesman Mohammad Ashraf said.
“The interim cabinet has approved the decision and exports will be initiated as early as possible.”
Pakistan stocks close higher, rupee strengthens
