Karachi Stock Exchange TODAY

KSE end 1.5pc higher; rupee firms
	Monday, 31 Aug, 2009 3:20 pm
KARACHI : Karachi stock index notched its highest close this year on Monday as foreign investors bought banking and energy sector shares, dealers said. The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.57 percent, or 134.45 points, higher at 8,675.67 on turnover of 226.4 million shares. The KSE-100 has gained 47.9 percent this year after losing 58.3 percent in 2008. "Foreign investors stepped up and bought shares of oil and gas exploration companies and banks, given the cheap valuations," Asad Iqbal, managing director at Ismail Iqbal Securities Ltd. According to official data, foreign investors have bought shares worth $70.7 million this month. Dealers said foreigners had started looking at Pakistan as its macroeconomic indicators were improving. Last week, S&P raised Pakistan's sovereign rating to B-minus from CCC+, citing improvements in its external liquidity and a reduction in its fiscal deficit. Dealers said the energy and banking sectors led the rally. Oil and Gas Development Co. Ltd. ended 4.99 percent higher at 108.89 rupees and National Bank of Pakistan rose 4.99 percent to 71.15 rupees. The energy sector has been performing well because of increased production in some fields and also because of small oil and gas discoveries, dealers said. In the currency market, the rupee ended firmer at 82.93/83.03, compared with Saturday's close of 83.00/05. Dealers said the rupee was expected to face downward pressure near-term on import-related dollar payments. The rupee has lost 4.61 percent this year after losing 22.12 percent in 2008. source :-ajj news