Pakistani stocks end higher, rupee strengthens

KARACHI: Pakistan’s main stock exchange closed higher on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange rising 0.99 per cent or 215.62 points to 22,080.47.

Led by the banking sector, the market recovered to close above the 22,000-point mark with improving volumes.

Institutional support in the banking sector helped the market post gains, while Pakistan State Oil, Pakistan Petroleum Limited and Oil and Gas Development Company also remained supportive, dealers said.

Pakistan State Oil rose 2.2 per cent to 270.50 rupees while Pakistan Petroleum Ltd was up 0.55 per cent to 200 rupees.

The rupee ended higher at 105.92/105.97 against the dollar, compared to Monday’s close of 106.17/106.22.

Overnight rates in the money market rose to 9.50 per cent from Monday’s close of 9.40 per cent.