KARACHI - Pakistani stocks closed higher on Monday, buoyed by expectations that the visiting Chinese president would announce details of a $46 billion infrastructure and energy deal.
The Karachi Stock Exchange 100-share index gained 0.21 percent to close at 33,304.64.
Chinese president Xi Jinping is on a two-day visit to Pakistan during which he will sign deals totalling $46 billion to link Pakistan's Gwadar port with China's restive Xinjiang region. The project will increase China's access to the sea and help link it to markets in the region.
The stock market was also encouraged when market heavyweight Engro Foods announced higher-than-expected gross margins for the quarter, said Mohammad Sadahat, an analyst at Al-Hoqani Securities and Investment Corporation.
Engro Foods Ltd was up 3.36 percent to 142.61 rupees, while Fauji Cement Company Ltd was up 1.89 percent to 33.40 rupees.
The rupee ended higher at 101.49/101.54 against the dollar, compared with Friday's close of 101.50/101.55
Overnight rates in the money market fell to 7.50 percent from Friday's close of 8.00 percent. - Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔