Pakistani stocks end up, volume at 22-mth high

Pakistani stocks ended higher on Tuesday, led by banking shares including the Bank of Punjab and the National Bank of Pakistan on hopes of healthy corporate earnings which are due in the coming days.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.21 percent, or 26.55 points, to 12,544 points.
Turnover reached 322.47 million shares, compared with 232.85 million shares traded on Monday.

“The volume at KSE today reached a 22-month high,” said Mohammad Sohail, chief executive at Topline Securities.

BOP closed 12.35 percent higher at 9.10 rupees, and NBP rose 1.17 percent to end at 49.43 rupees.

In the currency market, the rupee ended marginally weaker at 90.86/91 to the dollar, compared with Monday’s close of 90.85/95, but dealers expect pressure to continue because of higher import payments, especially for oil.

Global oil prices stayed within sight of $120 a barrel on Tuesday as international consumers grappled with supply disruptions ranging from Iran to Sudan to the North Sea.

The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by worries about higher payments for oil imports and the country’s overall economic health.

From: Pakistan Today