Pakistan stocks end higher; rupee strengthens
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