Karachi Stock Exchange summits fresh peak in post-budget rally

KARACHI: The Karachi Stock Exchange summitted yet another all-time high, as investors piled up cement and telecom stocks in a post-budget buying spree.

The benchmark 100-Index gained 1.94 percent, or 433.15 points, to close higher at 22,757.72.

The D.G.Khan Cement Company Ltd vaulted 4.99 percent to reach Rs84.51, whereas Pakistan Telecommunication Co Ltd beefed up by 4.98 percent to end at Rs23.59.

According to analysts the market also drew strength from certain measures, announced in the Budget 2013-14, which the newly elected government said would help stem the bleeding economy of Pakistan.

The rupee ended steady at 98.50/98.55 against the dollar. Overnight rates in the money market remained flat at 9.40 percent.