Sunday, April 11, 2010

UPDATE 1-Pakistani stocks end up on finance adviser report

Posted by muhammad imran

Dealers said confidence was also boosted by aggressive foreign buying especially in energy stocks following a rise in international oil prices.

"Oil stocks remained in the limelight as global oil prices rose above $82 a barrel," said Farhan Seth, an analyst at Topline Securities Ltd.

According to official data, foreigners bought shares worth a net $13.73 million on Wednesday bringing the total to $78.85 million this month, compared with just $16.65 million in February.

Dealers said there was some selling pressure above the 10,000-point level. The index set an intraday high of 10,050.04 points.

In the currency market, the rupee PKR= ended firmer at 84.20/30 to the dollar, compared with Wednesday's close 84.25/30 amid a lack of import payments and increased portfolio inflows, dealers said.

The rupee has firmed 0.12 percent against the dollar this year after losing 6.17 percent last year, and a 22.12 percent slide in 2008.

In the overnight market, short-term money rates rose to top levels to 12.40 percent compared with Wednesday's close of between 12.25 percent and 12.35 percent amid tight liquidity in the interbank market.

Dealers said there were no scheduled inflows or outflows on Thursday.

The next outflow is scheduled for Saturday, of 60 billion rupees ($715 million), and the next inflow is scheduled for March 25 of 65 billion rupees ($772 million). (Reporting by Sahar Ahmed; Editing by Robert Birsel) (For more Reuters coverage of Afghanistan and Pakistan

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