Karachi Stock Exchange on record-making spree

KARACHI: Local capital market hit a record high for the second straight session on Wednesday, surging above 16,500 points on support from cement and textile companies.

The Karachi Stock Exchange's (KSE) benchmark 100-share index surged to a record high of 16,504.38 in intraday trading. It closed at 16,424.03, up 0.36 percent or 59.26 points.

Engro Foods rose 4.77 percent, or 3.85 rupees, to 84.60 per share, while Fauji Cement rose 0.14 percent, or 0.01 rupees, to 6.91 per share.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate at next month's monetary policy meeting. (Reuters)