Pakistani stocks end higher; rupee weakens


KARACHI: Pakistani stocks ended higher on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange rising 0.71 per cent, or 207.19 points, to 29,188.53. Continuous foreign buying helped support the market and investors bought into the National Bank of Pakistan amid expectations of a better earnings announcement, said Samar Iqbal, a dealer at Topline Securities. Oil and Gas development Co Ltd rose 1.73 per cent to 245 rupees while National Bank of Pakistan was up 4.66 per cent at 63.05 rupees.

The rupee weakened, ending at 98.70/98.80 against the dollar compared with Wednesday’s close of 98.60/98.65.

Overnight rates in the money market were flat at 7.50 per cent.