Pakistan Rupee Becomes Stronger in Market Share
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Pakistan Rupee Becomes Stronger in Market Share

Pakistan stocks have risen for the second straight session on Tuesday, led by profits in oil stocks as global crude prices increased, according to dealers.

The index 100-share data of the Pakistan Stock Exchange closed 0.48%, or 187.54 points, higher at 39,663.71.”In line with last session´s performance, the market closed higher (on Tuesday, 9th August), led by an acceleration in the international crude prices,” said Hammad Aman, manager – Equity Sales at Topline Securities.

Oil edged increasingly above $45 a barrel as forecasts for a drop in U.S. stockpile and supposition of producer action to pile up prices countered concern about a supply glut.

Pakistan Oilfields Ltd. gained 3.49%, Pakistan Petroleum Ltd. rose 1.51% and Oil and Gas Development Co. Ltd. added 1.43%. K-Electric Ltd was the top traded stock in terms of volume, with 33 million shares changing hands.

The rupee ended stronger at 104.57/104.62 per dollar, compared with Monday´s close of 104.62/104.68.Overnight rates in the money market rose to 6.00 percent from Monday´s close of 5.00 percent.

($1 = 104.6500 Pakistani rupees)

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