Pak stocks, rupee end higher on IMF bail-out loan

The Karachi Stock Exchange benchmark index today gained over 314 points to close at 22,765.87 and Pakistani rupee inched up on hopes that the Pakistan's central bank will not hike interest rates after the IMF agreed to an over USD 6 billion bail-out loan for the country.
"Trading today was in full swing and the benchmark 100- share index of the Karachi Stock Exchange rose 1.40 per cent, or 314.41 points, to 22,765.87," Intikhab Ali of Capital investments said.
Today's gains come after continuous slide in the benchmark index for the past few sessions, another dealer said.
In the money market as well, the Pakistani rupee also bounced back a little against the US dollar closing at at 104.66/104.72 compared to Thursday's close of 104.76/104.81.

He said there was renewed buying of shares for National Bank of Pakistan, conglomerate Engro Corporation Ltd, Maple Leaf Cement, and textile group Nishat textiles.
National Bank of Pakistan rose 5 per cent to 50.61 rupees (Pakistani), while Engro Corporation was up 5 per cent to 152.59 rupees.
Earlier this week the IMF announced it had approved a USD 6.7 billion loan package for Pakistan.
The government is also expected to impose a gain tax in the country soon.