Pakistan stocks up as oil prices rise
Pakistan's stocks inched up on Wednesday amid buying in energy sector buoyant on an international rally in oil prices, which hit 123 dollars a barrel on Tuesday, analysts said, reported dpa.
The key KSE-100 Index went up by 46 points for the first time in around two weeks to close at 14,455.29 as compared with 14,408.84 points on Tuesday.
"Foreign and domestic institutional buying in Pakistan's oil companies boosted the index but overall sentiments are still low," said Ateeq Ahmed, a senior research analyst at Capital One Equities.
The index has lost around 1,200 points during the last 11 trading days from the peak of 15,674 points on April 18.
"This is really scary," says Atif Malik at JS Global.
One major worry among the investors is the possible flight of foreign capital, given the incessant weakening of the rupee, which on Wednesday dipped to a record low of nearly 68 against the dollar in the open market.
The rupee closed at 67.70 on Wednesday in the open market while in the inter-bank market it fell by 1.6 per cent to close at 66.45/66.50 against 65.20/65.30 on Tuesday.