Pakistani stocks end up; rupee weakens; o/n rates down

Pakistani stocks rose more than 1.7 percent on Tuesday as investors capitalised on bargain prices for blue chip companies, such as Oil and Gas Development Co Ltd (OGDCL), after the market fell sharply last week, dealers said.

The Karachi Stock Exchange’s benchmark 100-share index ended 1.73 percent, or 192.51 points, higher at 11,305.16 on turnover of 53.11 million shares.

“A bullish trend was witnessed in stocks across the board at the KSE, lead by blue-chip oil and fertilizer shares,” said Ahsan Mehanti, director at Arif Habib Corp.

Last Thursday, the KSE-index ended at 10,909.12 points, its lowest close since Aug. 29.

OGDCL rose 3.5 percent to 145.08 rupees, Pakistan Petroleum Ltd ended 2.42 percent higher at 168.99 rupees and Engro Corp gained 5 percent to close at 100.68 rupees.

In the currency market, the rupee ended weaker at 90.30/35 to the dollar, compared to Monday’s close of 90.16/21, because of increased import payments.

The rupee fell to a record low of 91.28 to the dollar in intra-day trade last week.

Analysts say concerns about the country’s economic health, especially a weakening current account, are adding to pressure on the rupee.

Pakistan’s current account deficit stood at $2.104 billion in July-Nov compared with $589 million in the same period a year earlier.

The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.

From: Reuters Africa