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Karachi stocks index closes 1 percent higher
(MENAFN- Arab News) KARACHI: Pakistani stocks ended higher with the government's aggressive growth targets for the upcoming budget for fiscal year 2015-16 renewing investor interest.
The benchmark 100-share index of the Karachi Stock Exchange rose 1.02 percent or 332.24 points to close at 32842.59.
The rupee closed stronger at 101.90/101.96 against the dollar compared with Tuesday's 101.93/101.98.
'Government's growth target GDP/inflation of 5.5/6 percent for the Budget Fiscal Year 2015 to 2016 sparked investors' interest and the market ended on a positive note' said Mohammad Rizwan at Topline Securities.
'The dollar appreciation against the yen also helped investors' interest in the auto sector.'
Maple Leaf Cement Factory Ltd. rose 4.91 percent to 68.40 rupees while United Bank Ltd. finished 1.43 percent higher.
The benchmark 100-share index of the Karachi Stock Exchange rose 1.02 percent or 332.24 points to close at 32842.59.
The rupee closed stronger at 101.90/101.96 against the dollar compared with Tuesday's 101.93/101.98.
'Government's growth target GDP/inflation of 5.5/6 percent for the Budget Fiscal Year 2015 to 2016 sparked investors' interest and the market ended on a positive note' said Mohammad Rizwan at Topline Securities.
'The dollar appreciation against the yen also helped investors' interest in the auto sector.'
Maple Leaf Cement Factory Ltd. rose 4.91 percent to 68.40 rupees while United Bank Ltd. finished 1.43 percent higher.
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