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Karachi stocks index rises 0.9 rupee weakens
(MENAFN- Arab News) KARACHI: Pakistani stocks ended higher on Friday with the benchmark 100-share index of the Karachi Stock Exchange up 0.90 percent or 293.31 points to close at 33056.79.
The rupee closed weaker at 101.93/101.98 against the dollar compared with Thursday's 101.90/101.95. Overnight rates in the money market remained flat at 6.50 percent.
Investors continued their buying spree in the cement sector on the back of proposed higher development spending in 2015/16.
Among the main movers Muslim Commercial Bank rose 5 percent to 268.73 rupees while Fauji Cement Co. was up 1.68 percent at 33.85 rupees.
The rupee closed weaker at 101.93/101.98 against the dollar compared with Thursday's 101.90/101.95. Overnight rates in the money market remained flat at 6.50 percent.
Investors continued their buying spree in the cement sector on the back of proposed higher development spending in 2015/16.
Among the main movers Muslim Commercial Bank rose 5 percent to 268.73 rupees while Fauji Cement Co. was up 1.68 percent at 33.85 rupees.
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