Stocks thrive on dovish monetary policy hopes

KARACHI: Equities in the local capital market rose on Thursday, supported by expectations that the central bank will ease interest rates at its monetary policy meeting on Friday.

The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,806.58, up 0.37 percent or 61.98 points from the previous session.

Pakistan Telecommunications Company Limited rose 0.88 percent, or 0.15 rupee, to 17.23 per share amid speculation a case over its long-distance call rates could soon be resolved, while Byco Petroleum was up 4.67 percent, or 0.51 rupees, to 11.43 per share.

Stocks that fell included Lotte Pak, down 1.27 percent to 7.75 per share, and Karachi Electric Supply Company, which dropped 3.05 percent to 6.35 per share. (Reuters)