KARACHI: Pakistan's main stock exchange closed higher on Wednesday led by Pakistan State Oil Co Ltd. The market continued its recovery, though volumes remained relatively low.
The benchmark 100-share index of the Karachi Stock Exchange rose 0.31 per cent, or 67.35 points, to close at 21,875.83 points.
Pakistan State Oil Co Ltd rose 4.71 per cent to 297.10 rupees while Fauji Cement Co Ltd was down 3.08 per cent to 12.59 rupees.
The cement sector remained under pressure after DG Khan Cement Co Ltd announced initiation of green field project at Hub. This news created an impression that it may create uncertainty regarding sustainability of the cement cartel.
The rupee ended at 104.70/104.80 against the dollar compared to Tuesday’s close of 104.85/104.90. Overnight rates in the money market remained flat at 8.75 per cent.
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