News Column

KSE index end higher; rupee weakens,

May 2, 2014

Karachi stock exchange closed slightly higher on Friday, with the benchmark 100-share index of the Karachi Stock Exchange rose 0.03 percent, or 8.15 points, to 28,921.13.

"After higher than expected (inflation) announcement for April, the market lost its early gains, overshadowing World Bank loan approval for energy reforms," said trader Samar Iqbal at Topline Securities.

"Cement and oil came under selling pressure whereas banking stocks gained in anticipation of no change in upcoming monetary policy."

Bank of Punjab rose 2.5 percent to 10.64 rupees and Maple Leaf Cement Factory Ltd was up 0.92 percent to 30.73 rupees.

The rupee ended at 98.75/98.80 against the dollar compared to Thursday's close of 98.60/98.70.

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Source: Daily Messenger (Pakistan)

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