ISLAMABAD: Stocks ended marginally higher on Tuesday, led by buying in Pakistan Oilfields (POL) following an increase in international oil prices, but dealers said investors chose to book profits.
Brent futures rose more than $1 per barrel on Tuesday after Barclays Capital raised its forecast for the crude oil contract for next year.
Brent futures for August rose $1.43 to a high of $112.82 before easing back slightly to trade around $112.30 by 1021 GMT.
POL , the company that is most affected by international oil prices on the Karachi Stock Exchange, rose 2.9 percent to end at 373.50 rupees.
The Karachi Stock Exchange's benchmark 100-share index ended 0.13 percent, or 16.20 points, higher at 12,576.48, on turnover of 71.55 million shares.
In the currency market, the rupee strengthened to close at 85.88/93 to the dollar, compared with Monday's close of 85.93/98, amid a lack of import payments, dealers said.
The rupee hit a record low of 86.50 in May, and dealers said the local unit is expected to stay largely stable in the medium term because of increased remittances from Pakistanis working abroad.
According to official data, remittances topped $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010/11 fiscal year, an increase of 25.20 percent compared with the same period last year.
In the money market, overnight rates rose to the top level of 13.90 percent, compared with Monday's close of 13.15 percent amid tight liquidity in the interbank market.
Copyright Reuters, 2011
Comments
Comments are closed for this article.