Elections optimism boosts stocks market


Stocks closed higher on Thursday due to emerging clarity and optimism about timely elections on May 11. Fauji Fertiliser continued to rally after its result announcement while investors remained skeptical about Engro Corporation due to problems of gas supply, dealers said. The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.27 per cent, or 52.11 points, higher at 19,034.53 points. Fauji Cement Company Ltd rose 3.05 per cent to 9.13 rupees. In the currency market, the rupee ended at 98.34/98.40 against the dollar, stronger than Wednesday’s close of 98.39/98.44. Overnight rates in the money market remained flat at 9 per cent.