Pakistan shares edge higher; rupee stronger, o/n rates flat

KARACHI: Pakistani stocks edged higher in volatile trade on Tuesday, led by a rise in global oil prices, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed up 0.03 percent, or 11.75 points, at 36,137.12.The index went up as much as 265 points intraday led by oil stocks as international oil prices hit a six-month high, said Hammad Aman, manager, equity sales at Topline Securities Pvt Ltd.

Oil traded at around $49 a barrel on Tuesday, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.

Pakistan Petroleum Ltd gained 1.57 percent, while Pakistan Oilfields Ltd rose 0.38 percent.

The rupee ended at 104.66/104.72 against the dollar, compared with Monday´s close of 104.69/104.74Overnight rates in the money market were steady at 6.20 percent from the previous session. ($1 = 104.6500 Pakistani rupees)