Updated at: 1730 PST, Thursday, October 07, 2010
 ISLAMABAD: Pakistani stocks ended more than 1.6 percent higher on Thursday as institutions stepped in following a rise in international oil prices and on hopes of healthy profits, dealers said.
Global oil prices rose towards $84 a barrel on Thursday, within sight of a five-month high, supported by expectations central banks will ease monetary policy to shore up sluggish economies and as a French oil port strike widened.
"The upsurge in the international oil prices contributed positively in today's gain," an analyst said.
The energy sector is the heaviest weighted sector on the KSE-index.
The Karachi Stock Exchange's benchmark 100-share index ended 1.62 percent, or 162.32 points, higher at 10,191.68.
Turnover was 148.2 million shares, compared with 59.68 million shares on Wednesday.
In the currency market, the rupee strengthened further amid a slowdown in dollar demand from importers, which dealers said was likely to keep the local unit steady in coming days.
The rupee ended at 85.80/85 to the dollar on Wednesday, compared with 85.98/86.03 on Wednesday.
It closed on record lows for five days in a row till Friday, as banks bought dollars aggressively on behalf of importers.
Dealers expected the rupee to hold steady in the near term as dollar supplies looked sufficient to match demand.
In the money market, overnight rates fell to between 11 percent and 11.50 percent from the previous day's close of 12.0 percent.
There were scheduled inflows of 130 billion rupees ($151.5 million), and outflows of 80 billion rupees.
The State Bank of Pakistan also conducted a seven-day repo and mopped up 43 billion rupees. |
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