KARACHI: Pakistan’s stocks closed higher, with volumes hitting a seven year high of 640 million shares.
Oil and Gas Development Co. Ltd. and Pakistan State Oil Co. Ltd. share prices rose on expectations that the incoming government will tackle the energy crisis, boosting demand for fuels from power generation firms, one dealer said. Oil and Gas Development rose 1.69 percent to 242.88 rupees while Pakistan State Oil Co. Ltd. closed up 4.37 percent at 290.60 rupees.
The Karachi Stock Exchange’s benchmark 100-share index closed 0.70 percent, or 149.54 points, higher at 21,590.66.
The rupee ended weaker at 98.48/98.53 against the dollar compared to Wednesday’s close of 98.43/98.49.
Overnight rates in the money market rose to 9.50 percent from Wednesday close of 9.40 percent.
Pakistan stocks close up
