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)