KARACHI: Fertiliser stocks led the Karachi Stock Exchange (KSE) market higher on Friday, following an increase in urea prices and amid hopes the sector would announce healthy results and payouts when the earnings season begins later this month.
The Karachi Stock Exchange's benchmark 100-share index ended 0.65 percent, or 79.19 points, higher at 12,234.52. Turnover rose to 69.23 million shares from 25.31 million shares a day earlier.
Turnover fell drastically on Thursday with many investors cautious following fresh political violence in the country's commercial capital, and as the market closed almost two hours earlier.
"Fertilizer stocks continued to support index after increase in urea prices," said Samar Iqbal, a dealer at Topline Securities Ltd.
Fauji Fertilizer ended 4.19 percent higher at 164.30 rupees.
In the currency market, the rupee ended at 86.05/10 to the dollar, weaker than the previous close of 85.93/98, amid a higher demand for dollars for import payments.
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 rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77 percent compared with the same period last year.
In the money market, overnight rates closed at between 12.50 percent and 13 percent, compared with Thursday's close of 13.90 percent amid increased liquidity in the interbank market.
Copyright Reuters, 2011
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