Refinery stocks prop up shares at PSX

KARACHI: Pakistan stocks recovered from initial losses to close higher on Monday, buoyed by gains in refinery stocks, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed up 0.17 percent, or 64.78 points, at 39,253.25 after falling as much as 0.72 percent earlier in the day.

"Volumes were quite low today. With no particular activity apart from the refinery stocks, it is expected that activity will pick up with the earnings season likely to start next week," Fawad Khan, head of research, KASB, told Reuters.

Pakistan Petroleum Ltd gained as much as 0.37 percent and Pakistan Oilfields Ltd climbed as much as 1.32 percent.

Index heavyweights such as Maple Leaf Cement Factory Ltd rose as much as 2.14 percent, while D G Khan Cement Company Ltd gained as much as 1.03 percent.

The rupee ended steady 104.80/104.86 against the dollar, compared with Friday's close of 104.80/104.84.

Overnight rates in the money market fell to 5.40 percent from Friday's close of 6.25 percent.