Stocks edge up 2.7% on Dubai news

Karachi: Pakistani stocks ended almost 2.7 per cent higher yesterday as investor sentiment got a boost with Abu Dhabi providing Dubai $10 billion (Dh36.7 billion) in support funds, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 242.86 points, or 2.69 per cent, higher at 9,280.16 on turnover of 140.31 million shares.

In the money market, short-term money rates ended at 12.10 per cent compared with Saturday's close of 12.40 per cent.

Dealers said they were waiting for a treasury bill auction scheduled for tomorrow in which rates are expected to rise slightly.

The next major inflow was scheduled for Thursday, of Rs15.1 billion, and the next outflow was scheduled for Saturday of Rs119 billion, dealers said. There were no scheduled inflows or outflows yesterday.