Pakistani stocks gain 166 points, close at record high level

KARACHI: Pakistani stocks closed at a record high above 16,200 points on Wednesday, as a jump in share prices in Engro Foods and oil companies offset pressure from cement firms.

Engro Foods rose 5 per cent, or 3.83 rupees, to 80.43 per share, while D.G. Khan Cement dropped nearly 1.13 per cent, 0.60 rupees, to 52.60 a share.

“Some profit-taking was seen in cement stocks due to speculation that a few companies have reduced their prices in the north,” said Samar Iqbal, an equity dealer for Topline Securities.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.04 per cent, or 166.87 points, higher at 16,218.01.