Pakistan stocks reach 4-year high; rupee weakens vs dollar
KARACHI, Sept 3 |
KARACHI, Sept 3 (Reuters) - Pakistani stocks closed at a four-year high on Monday, driven by stronger global commodities prices and the cement and energy sectors, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.24 percent, or 36.91 points, higher at 15,428.49, on total volume of 199.402 million shares.
"Stocks rose amid strong valuations after a rise in international stocks and commodities," said Ahsan Mehanti, a trader at Arif Habib Corp.
Pakistan Telecommunications Company Limited was the biggest winner, gaining 5.54 percent to close at 19.04 rupees.
In the currency market, the Pakistani rupee ended slightly weaker at 94.64/94.69 to the dollar, compared to Friday's close of 94.56/94.61.
Overnight rates in the money market ended at 8.00 percent compared with 10.40 on Friday. (Reporting By Aisha Chowdhry)
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