Pakistani stocks end up; rupee rate flat

Pakistani shares ended higher on Wednesday as investors bought fertiliser stocks on hopes of healthy corporate profits expected to be announced in the coming days, dealers said.The Karachi Stock Exchange (KSE) benchmark 100-share index closed up 0.47 percent, or 55.66 points, at 11,930.55 points.Volume rose to 93.44 million shares, compared with 60.17 million traded on Tuesday.Stocks closed up amid the earnings announcement session at KSE, led by the fertiliser sector, said Ahsan Mehanti, director at Arif Habib Corp.Fauji Fertilizer Bin Qasim gained 1.71 percent to end at 46.90 rupees, Engro Foods rose 2.96 percent to 27.51 rupees and Fatima Fertiliser closed 0.05 percent higher at 21.95 rupees.In the currency market, the rupee ended almost flat at 90.41/46 to the dollar, compared with Tuesdays close of 90.40/45 but dealers said the local unit is expected to stay under pressure because of increased import payments, especially of oil.International oil prices rose above $112 a barrel on Wednesday, putting it on track for its highest close in three weeks.The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by concerns about higher payments for oil imports and the countrys economic health, especially a weakening current account.The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid.In the money market, overnight rates ended flat at 11.90 percent, unchanged from Tuesdays close, due to a lack of liquidity in the interbank market.