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Pakistan stocks extend gains to end at 19-month high
Reuters - Saturday, April 3
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By Faisal Aziz
KARACHI, April 2 - Pakistani stocks extended gains Friday to close at a new 19-month high as investors were encouraged by the relative political stability and strong foreign portfolio inflows in recent weeks, dealers said.
The Karachi Stock Exchange's benchmark 100-share index <.KSE> ended 1.66 percent, or 169.74 points, higher at 10,416.51.
It was the highest closing for the KSE-100 since Aug. 20, 2008, when it ended at 10,525.99. The index touched an intraday high of 10,429.99 points.
Volume rose to 205.11 million shares from 170.19 million traded on Thursday.
"There are many reasons to feel encouraged," said Asif Jan Mohamamd, head of sales at brokerage Taurus Securities.
"The market is happy that the constitutional package has finally been tabled, and not to mention the strong foreign inflows, which have definitely boosted sentiment."
The government introduced a constitutional bill in parliament Friday, transferring many of President Asif Ali Zardari's powers to the prime minister and possibly ending months of political wrangling. [ID:nSGE631030}
The set of reforms, known as the "18th Amendment Bill", is expected to be passed by the two-chambered parliament, effectively turning Zardari into a titular head of state.
Dealers said growing political stability, as well as confidence among foreign investors, helped local investors overcome unease about a potentially destabilising stand-off between the government and the judiciary.
Net foreign portfolio inflows stood at $113 million in March -- the second highest monthly inflow ever, after inflows of $127 million in September last year.
In the currency market, the rupee ended lower at 84.40/84.45 to the dollar compared with the previous day's close of 84.23/28.
Dealers said dollar buying for import payments, especially for oil, pushed up the demand for the U.S. currency.
"As anticipated, there has been a rise in dollar demand over the last few days and this is likely to continue in coming days as well, keeping the rupee under pressure," said a dealer at a foreign bank.
The rupee fell to an all-time closing low last month but gained sharply to hit a four-month high last week.
In the money market, overnight rates ended flat at 9.50 percent. Dealers said there were outflows of 62 billion rupees on Saturday, when the central bank is likely to conduct a reverse-repo to inject funds into the market.
"The amount to be injected would probably be lower than the outflows, as there is still some liquidity scattered in the market," said a brokerage house dealer.
(For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan)
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