Pakistan stocks close higher due to IMF visit

The visit to Pakistan by a team from the International Monetary Fund (IMF) helped enhance investor confidence about the ability of the country to overcome the problems of the balance of payment, thus pushing up the main index of the stock market on Wednesday. A team member ruled out the probability of a bailout announcement during the current trip of the team. However, the index edged up by 0.99 percent or 216.10 points, to close at 22,135.72. The stocks of Pakistan State Oil Co Ltd and Engro Foods Ltd were the biggest gainers. A 5 percent rise was observed in Engro Foods Ltd stocks closing it at 150. 47 rupees while Bank of Punjab closed at 14.68 rupees with a raise of 3.97 per cent. The overnight rates of money market fell to 8.50 percent compared to 9 percent of Tuesday. The rupee ended weaker at 98.65/98.70 against the dollar as compared to the Tuesday's close. The dealers said that the visit of IMF helped reverse the losses seen in recent days on the Karachi Stock Exchange's benchmark 100-share index.