Pakistani stocks cross 22,000-point mark

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KARACHI: Pakistan’s stocks closed higher on Monday, as index heavy-weights Oil and Gas Development Co Ltd and Muslim Commercial Bank caused the benchmark KSE-100 index to cross the 22,000 mark. Low inflation figures also boosted investor sentiments, dealers said.

The Oil and Gas Development Co Ltd was up 4.28 per cent at 254 rupees while Muslim Commercial Bank closed 1.87 per cent higher at 269.59 rupees.

Pakistan’s year-on-year inflation for May stood at 5.13 per cent, the Pakistan Bureau of Statistics said on Monday.

On a month-on-month basis, prices rose 0.51 per cent. The average inflation rate from July-May 2013 was 7.51 per cent.

The Karachi Stock Exchange’s benchmark 100-share index closed 1.18 per cent, or 257.80 points, higher at 22,080.85.

The rupee ended steady at 98.46/98.51 against the dollar.

Overnight rates in the money market fell to 9.40 percent from Friday’s close of 9.50 per cent.