KSE at record high above 16,200pts; rupee strong

KARACHI: Stocks closed at a record high above 16,200 points on Wednesday, as a jump in share prices in Engro Foods and oil companies offset pressure from cement firms.
Engro Foods rose 5 percent, or 3.83 rupees, to 80.43 per share, while D.G. Khan Cement dropped nearly 1.13 percent, 0.60 rupees, to 52.60 a share.
"Some profit-taking was seen in cement stocks due to speculation that a few companies have reduced their prices in the north," said an equity dealer.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.04 percent, or 166.87 points, higher at 16,218.01.

In the currency market, the rupee ended stronger at 95.90/95.96 to the dollar, compared to Tuesday's close of 96.24/96.29.
Overnight rates in the money market remained flat at 7.00 percent.