Pakistan stocks end higher, rupee firm, o/n rate flat

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KARACHI: Pakistan’s main stock exchange closed higher on Monday, with the benchmark 100-share index of the Karachi Stock Exchange rising 0.32 per cent, or 72.97 points, to 22,838.84. The market continued its positive trend which was mainly led by Engro Foods Ltd and Lucky Cement Ltd. An upward trend in Asian markets also helped boost the sentiment while receipt of the first tranche from the International Monetary Fund helped build confidence, said Samar Iqbal at Topline Securities.

Engro Foods Ltd rose 4.99 per cent to 109.52 rupees while Lucky Cement Ltd was up 2.3 per cent to 244 rupees.

The rupee ended steady at 104.66/104.76 against the dollar compared to Friday’s close of 104.66/104.72.

Overnight rates in the money market remained flat at 6.50 per cent.