Karachi stocks rise in cautious trading

KARACHI: Stocks rose on Friday, but the market remained dull as investors waited for a monetary policy announcement.

There was trading in banking stocks amid expectations of expected payouts and activity in cement stocks as traders anticipated a cut in interest rates from the state bank of Pakistan, said dealer Nausheen Kiran at Al-Hoqain Securities.

Around 174 companies closed higher while 158 closed lower, said a trader.

The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,845.09, up 0.23 percent or 38.51 points from the previous session.

Maple Leaf Cement rose 6.59 percent, or 0.93 rupee, to 15.05 per share while D.G. Khan Cement was up 0.29 percent, or 0.16 rupees, to 54.40 per share.

Stocks that fell included Jahangir Siddiqui, down 2.07 percent to 16.99 per share, and Engro Corp, which dropped 1.2 percent to 94.00 per share. (REuters)