KARACHI: Pakistan shares closed at a record high on Wednesday after a decision by the Pakistan Stock Exchange Ltd to offer a stake in the bourse operator received interest from as many as 17 investors, and on gains in refinery stocks, dealers said.
The benchmark 100-share index of the Pakistan Stock Exchange closed up 0.02 percent, or 7.35 points, at 40,057.52, to hit a fresh record closing high.
"Consolidation above 40,000 level continued, market opened on positive sentiment from Pakistan Stock Exchange´s Tuesday´s announcement of getting expressions of interest from investors for divestment; however, profit-taking was seen in the second half, but refinery stocks led the market to close up," said Fawad Khan, head of research at KASB Securities Pvt Ltd.
A total of 17 EOIs were received from foreign and local investors applying under the categories of ´Strategic Investor´, ´Anchor Investor´ and ´Financial Institution´ for a 40 percent stake in the Pakistan Stock Exchange, the bourse operator said in a press release late on Tuesday.
National Refinery Ltd climbed 3.16 percent, Pakistan Oilfields Ltd rose 0.43 percent and Pakistan Refinery Ltd gained 0.64 percent.
The rupee ended flat at 104.67/104.71 against the dollar, compared with Tuesday´s close of 104.67/104.71.Overnight rates in the money market fell to 5.70 percent from Tuesday´s close of 5.85 percent.
($1 = 104.6500 Pakistani rupees)
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