Pakistan's main stock market closed higher today due to a lower inflation rate announced by the government.
Market analysts said that the announcement by the Pakistan Bureau of Statistics that Pakistan's inflation rate eased to 6.57 per cent in March year-on-year, from 7.4 per cent in February had led to the surge in the stock market.
"Indications are also that since the nomination process for the forthcoming general elections have been completed it has boosted investor confidence and rallied the stock exchange," Sarmad Ayaz, a trader at capital investments said.
"Clearly the way the nomination process for the elections has gone the investors confidence has grown and for the first time ever we saw the KSE bourse cross 18,270-point mark," he added.
The Karachi Stock Exchange's benchmark 100-share index ended 1.27 per cent, or 228.80 points, higher at 18,272.11 points.
He added that a lower consumer price index also helped keep interest alive.
Among the major movers in the stock exchange was Pakistan Petroleum Ltd whose shares rose 2.61 per cent to 179.78 rupees and Engro Corporation rose 4.42 per cent to 134.70 rupees.
In the currency market, the rupee ended steady at 98.38/98.43 against the dollar.
