Karachi: Pakistani stocks ended at a 19-month high yesterday amid optimism that high-level talks between Pakistan and the United States would yield positive results.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.84 per cent, or 182.92 points, higher at 10,146.27. Volume was 159.22 million shares, compared with 73.43 million shares traded on Monday.
It was the highest closing for the KSE-100 since Aug-ust 21, 2008, when it ended at 10,236.66. The index touch an intra-day high of 10,184.90 points Wednesday.
"There is a lot of optimism among investors especially due to the positive feelers coming out of Washington," said Ashraf Zakaria, a dealer at brokers Ali Hussain Rajabali and Company.
The talks between the US and Pakistan yesterday, are likely to produce several agreements, from building dams and roads to power projects for energy-starved Pakistan, as well as additional security commitments.
Dealers said increased inflows from foreign investors were also supporting the market, and also encouraging local buyers to take fresh positions.
Foreigners have bought shares worth almost $90 million (Dh330.5 million) this month up yesterday, according to official data.
In the currency market, the rupee PKR firmed to close at 84.10/13 to the dollar, compared with 84.30/35 on Monday.
Dealers said higher portfolio inflows, coupled with dollar sales by exporters, helped the rupee gain yesterday.
