KSE ended up, rupee firms

KARACHI: Karachi Stock Exchange (KSE) ended higher on Friday, as investors accumulated energy sector shares following a rise in international oil prices, dealers said.

KSE benchmark 100-share index ended 0.39 percent, or 47.63 points, higher at 12,377.77.

Turnover fell to 102.6 million shares from 111.86 million traded on Thursday.

"The increase in international oil prices helped the KSE-100 index to close 50 points up," said Samar Iqbal, a dealer at brokers Topline Securities.

Dealers expect a steady market in the coming days, despite the hit to sentiment from the government's decision to maintain a capital gains tax on individual investments in the budget for the fiscal year 2011/12 (July-June), announced last week.

In the currency market, the rupee ended at 85.68/71 to the dollar, firmer than the previous day's close of 85.73/77 because of a lack of import payments.

The rupee hit a record low of 86.50 last month, and dealers said the local unit may face some pressure in the days ahead due to increased demand for dollars for import payments.

In the money market, overnight rates remained at the top level of 13.90 percent, unchanged from previous day's close amid tight liquidity in the interbank market.

Copyright Reuters, 2011