Pakistani stocks climbed 0.9 percent to close at a four-year high on Wednesday, led by banking and cement shares on hopes of healthy earnings,dealers said.
The Karachi Stock Exchange benchmark 100-share index ended 125.68 points higher at 13,575.41 points, its highest close since May 2008. Volume rose to 450 million shares, compared with the 166 million shares traded on Tuesday.
‘National Bank of Pakistan once again closed at its upper limit as investors hoped that 2012’s earnings will
be better than last year,’ Topline Securities dealer Samar Iqbal said, adding: ‘Cement stocks continued to remain in the limelight’.
NBP closed 5.0 percent higher at 43.06 rupees, with D.G. Khan Cement up 2.3 percent to end at 34.45 rupees.
In the currency market, the rupee ended firmer at 90.70/75 to the dollar, compared with Tuesday’s close at
90.74/79 amid a lack of import payments.
The rupee has been supported recently by remittances from Pakistanis overseas, which rose nearly a quarter to
$8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the 2010/11
period.
In February, remittances totalled $1.16 billion.
In the money market, overnight rates were flat at thetop level of 11.90 percent.
