KARACHI: Pakistan’s main stock exchange closed higher on Monday, buoyed by a delay in a planned increase in gas prices and a recovery in Asian stock markets.
The benchmark 100-share index of the Karachi Stock Exchange rose 0.91 per cent or 207.56 points to 22,922.24.
Engro Corporation Ltd, Lucky Cement and Maple Leaf Cement Factory Ltd, which all rely on cheap gas to operate, rose by 5 per cent.
Pakistan State Oil Co Ltd was up 1.69 per cent at 339.30 rupees after a rally in international oil prices.
The state bank also delayed a decision on whether to cut or increase rates until next month.
The rupee ended weaker at 103.70/103.75 against the dollar, compared to Friday’s close of 103.51/103.56.
Overnight rates in the money market fall to 8.50 per cent from Friday’s close of 8.75 per cent.