farhan_9909
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ISLAMABAD: Pakistans main stock market
closed at a four-year high on Wednesday as
investors cheered the central banks decision to
cut its key policy rate, dealers said. The Karachi Stock Exchange benchmark 100-share
index gained 58.95 points, or 0.4 per cent, to
close at 14,970.92, its highest close since April
2008. The volume of shares traded was 135.996
million. The positive trend in the market is because of
the cut in the discount rate by the State Bank (of
Pakistan) last week, said Shuja Rizvi, a trader at
Al-Hoqani Securities. The rise we saw today was a continuation of the
rally on Monday. The State Bank of Pakistan in its monetary policy
announcement on Aug 10 lowered its key policy
rate from 12 per cent to 10.5 per cent. In the currency market, the rupee strengthened
slightly to close at 94.32/39 to the dollar,
compared with 94.42/48 on Monday. Financial
markets in Pakistan were closed on Tuesday for
the Independence Day holiday. Overnight rates in the money market closed lower
at 8.50 per cent, compared with 10.40 per cent
on Monday.
dawn.com/2012/08/15/pakistan-stocks-hit-four-year-high-rupee-strengthens-on-rates-down/
closed at a four-year high on Wednesday as
investors cheered the central banks decision to
cut its key policy rate, dealers said. The Karachi Stock Exchange benchmark 100-share
index gained 58.95 points, or 0.4 per cent, to
close at 14,970.92, its highest close since April
2008. The volume of shares traded was 135.996
million. The positive trend in the market is because of
the cut in the discount rate by the State Bank (of
Pakistan) last week, said Shuja Rizvi, a trader at
Al-Hoqani Securities. The rise we saw today was a continuation of the
rally on Monday. The State Bank of Pakistan in its monetary policy
announcement on Aug 10 lowered its key policy
rate from 12 per cent to 10.5 per cent. In the currency market, the rupee strengthened
slightly to close at 94.32/39 to the dollar,
compared with 94.42/48 on Monday. Financial
markets in Pakistan were closed on Tuesday for
the Independence Day holiday. Overnight rates in the money market closed lower
at 8.50 per cent, compared with 10.40 per cent
on Monday.
dawn.com/2012/08/15/pakistan-stocks-hit-four-year-high-rupee-strengthens-on-rates-down/
