September 30, 2012

Oil companies, FMCGs drive Pakistani stocks higher

KARACHI: The Pakistani stock market ended higher on Friday, driven by investors’ interest in oil exploration and production companies, traders said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.40 per cent, or 61.17 points, higher at 15,418.76, on total volume of 113.92 million shares.
“Activity was primarily driven by exploration and production companies as well as fast moving consumer goods companies, where OGDCL itself contributed 47 points to the index. The index was up,” said Suleman Maniya at Al-Meezan Investments.
The Oil and Gas Development Company Limited gained 1.96 per cent to close at 178.06 rupees.
In the currency market, the Pakistani rupee ended stronger at 94.75/94.80 to the dollar compared to Thursday’s close of 94.80/94.85.  Overnight rates in the money market ended flat at 10.40 per cent. - Reuters


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