KARACHI: Pakistan stocks rose for a second straight session on Tuesday, led by gains in oil stocks as global crude prices increased, dealers said.
The benchmark 100-share index of the Pakistan Stock Exchange closed 0.48 percent, or 187.54 points, higher at 39,663.71."In line with last session´s performance, the market closed higher (on Tuesday), led by a surge in international crude prices," said Hammad Aman, manager - equity sales at Topline Securities.
Oil edged further above $45 a barrel as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.
Pakistan Oilfields Ltd gained 3.49 percent, Pakistan Petroleum Ltd rose 1.51 percent and Oil and Gas Development Co Ltd added 1.43 percent.
K-Electric Ltd was the top traded stock in terms of volume, with 33 million shares changing hands.
The rupee ended stronger at 104.57/104.62 per dollar, compared with Monday´s close of 104.62/104.68.Overnight rates in the money market rose to 6.00 percent from Monday´s close of 5.00 percent.
($1 = 104.6500 Pakistani rupees)