KSE closes week with 150 points gain

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KSE closes week with 150 points gain

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The KSE benchmark 100-share index ended 1.27 percent, or 149.84 points, higher at 11,957.30.

04 November,2011 09:03 pm

The Karachi Stock Exchange ended more than 1.2 percent higher on Friday, but on low volume, as investors accumulated cheaper shares, dealers said.Trade volume fell to 55.85 million shares, compared with 61.49 million shares traded on Thursday.Pakistani markets and banks will reopen on Nov. 10, after the Eid holidays.Among the most active companies, Engro Corp, volume leader, ended 4.46 percent higher at 135.99 rupees and Jahangir Sidiqui rose 3.77 percent to close at 6.05 rupees.In the currency market the rupee weakened to 86.25/30 to the dollar from 86.15/19 on Thursday, amid high dollar demand from importers. Dealers said healthy remittances from Pakistanis living abroad had been supporting the rupee in previous trading sessions, but cautioned that a widening current account deficit means the local currency could experience downward pressure in the days ahead. Pakistan’s current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in August.The deficit for the July-September quarter was a provisional $1.21 billion, compared with $597 million in the same period last year, according to data from the State Bank of Pakistan.In the money market, overnight rates ended flat at the top level of 11.90 percent amid tight liquidity in the interbank market.