Pakistani stocks end higher; rupee weakens
(For full coverage of Pakistan, click on [ID:nAFPAK]
KARACHI, Sept 11 (Reuters) - Pakistani stocks ended up on Friday on buying from foreign investors but off its early gains as local institutions booked profits as the benchmark index crossed the 9,000 points.
The Karachi Stock Exchange's (KSE) 100-share index closed 62.58 points, or 0.70 percent, higher at 9,058.77 on turnover of 157 million shares.
The index has gained 54.45 percent this year after losing 58.3 percent in 2008.
"Local investors succumbed to the psychological barrier of 9,000 points and booked profits, despite continued foreign interest," said Asad Iqbal, managing director at Ismail Iqbal Securities Ltd.
The KSE-index has advanced over several sessions as some foreign investors were drawn by Pakistan's improving macroeconomic fundamentals.
According to official data, foreign investors bought shares worth $95.3 million in August and $88.81 million in the first ten days of September.
Among blue-chips, Oil and Gas Development Co. Ltd. (OGDC.KA) rose 2.25 percent to 111.99 rupees, National Bank of Pakistan (NBPK.KA), gained 1.61 percent to 78.89, and Pakistan Oilfields (PKOL.KA), ended 2.72 percent higher at 216.19 rupees.
In the currency market, the rupee PKR= ended weaker at 82.82/87 to the dollar compared with Thursday's close of 82.77/87 due to payments for imports.
Dealers said the rupee was expected to face downward pressure because of import payments.
However the rupee has been supported by remittances from Pakistanis working overseas.
Remittances rose 31.78 percent to a record $780.53 in August, compared with $592.30 million in the same month last year.
The rupee has lost 4.5 percent this year after losing 22.12 percent in 2008. (Reporting by Sahar Ahmed; Editing by Simon Cameron-Moore) (For more Reuters coverage of Pakistan, see: here)
