Pakistani stocks end higher; rupee weakens
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KARACHI, Sept 17 (Reuters) - The main Pakistani share index closed on Thursday at its highest level this year, as foreign investors and local institutions bought bank shares, dealers said.
The Karachi Stock Exchange's (KSE) 100-share index closed 86.33 points, or 0.94 percent, higher at 9,223.39 on turnover of 182.46 million shares.
The index has gained 57.3 percent this year after losing 58.3 percent in 2008.
"The banking sector was in the limelight today as it had underperformed in the last few sessions," said Asad Iqbal, managing director at Ismail Iqbal Securities Ltd.
The oil sector had led the rally in the previous sessions.
According to official data, foreign investors bought shares worth $95.3 million in August and $97.25 million between Sept. 1-16.
Dealers said investors could book profits on Friday ahead of the long holiday for the Eid al-Fitr festival marking the end of the Muslim fasting month of Ramadan.
The stock market will be closed from Monday to Thursday.
Among blue-chips, volume leader National Bank of Pakistan (NBPK.KA) rose 4.99 percent to 80.57 rupees, Pakistan Oilfields (PKOL.KA) gained 3.02 percent to 219.15 rupees, while Oil and Gas Development Co. Ltd. (OGDC.KA) ended 1.2 percent lower at 114.45 rupees.
In the currency market, the rupee PKR= ended weaker at 82.94/83.00 to the dollar compared with Wednesday's close of 82.73/83, due to payments for imports and dealers said downward pressure was expected to continue.
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 4.6 percent this year after sliding 22.12 percent in 2008.
The central bank is due to announce its monetary policy for the period to the end of November on Sept. 29 and analysts expect policy rates to remain at 13 percent, or to be cut by 50 basis points. (Reporting by Sahar Ahmed; Editing by Simon Cameron-Moore) (For more Reuters coverage of Pakistan, see: here)
