Pakistan stocks close higher above 18,272 points

KARACHI: Pakistan's stock market closed higher on Monday, supported by a lower inflation rate and interest in the oil, fertilizer and cement sectors, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.27 percent, or 228.80 points, higher at 18,272.11 points.

Pakistan's inflation rate eased to 6.57 percent in March year-on-year, from 7.4 percent in February, the Pakistan Bureau of Statistics said on Monday.

Traders said the end of the nomination process ahead of May 11 general elections also boosted investor confidence.

"With (the) nomination paper submission process over, investors confidence improves as local bourse crossed 18,270 points mark for the first time ever," said a trader.

"Pre-result mania coupled with (a) lower CPI helped also kept interest alive”, he added.

Pakistan Petroleum Ltd rose 2.61 percent to 179.78 rupees and Engro Corporation rose 4.42 percent to 134.70 rupees. (Reuters)