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Pakistan Stock Exchange registers new record close

KARACHI: Pakistan shares closed above the 40,000 mark for the first time on Monday, led by gains in oil stocks on the back of firm crude prices, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange rose for a sixth straight session and closed 0.31 percent, or 122.88 points, higher at 40,030.52.

Earlier in the session, it rose as much as 0.5 percent to a record high of 40,104.150.

“Index achieved a new milestone, supported by strong results season and rising international crude prices,” said Fawad Khan, head of research at KASB Securities Pvt Ltd.

Pakistan Oilfields Ltd rose 1.21 percent, Pakistan Petroleum Ltd gained 1.69 percent and Oil and Gas Development Co Ltd climbed 1.30 percent.

Oil prices rose to their highest in nearly a month, with benchmark Brent crude trading more than 10 percent above the start of August, as speculation intensified about potential producer action to support prices in an oversupplied market.

The rupee ended weaker at 104.66/104.70 per dollar, compared with Friday’s close of 104.61/104.65.

Overnight rates in the money market rose to 5.90 percent from Friday’s close of 5.80 percent. –Reuters