The Karachi Stock Exchange.—Reuters/File Photo

KARACHI: Pakistani stocks closed higher on Tuesday amid expectations that the landmark May 11 general elections will be held on time and the economic situation will improve after the change of government.

Heavyweights Oil and Gas Development Corporation and Muslim Commercial Bank Limited rallied due to institutional buying.

Fauji Fertiliser Company also performed well after its excellent payout.  Fauji Cement Company Limited remained the volume leader after its march result attracted some interest.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.85 percent, or 159.57 points, higher at 18,982.42 points.

Fauji Cement Company Ltd rose 2.08 percent to 8.85 rupees and Pakistan Telecommunication Company Ltd fell 2.19 percent to 17.90 rupees.

In the currency market, the rupee ended steady at 98.39/98.44 against the dollar.

Overnight rates in the money market fell to 9 percent from Monday's close of 9.40 percent.

More From This Section

PM orders judicial probe into attack on Hamid Mir

The government also announced a reward of Rs10 million for any information leading to the arrest of culprits.

UN officials confirm staff members go missing in Pakistan

Two local employees working for the Unicef were suspected to have been kidnapped from Karachi.

Punjab govt accused of being soft on militants

Senior officials say the govt has been “sleeping over” regular intelligence reports on militants' presence in Punjab.

Slain ANP leader’s house attacked; Police foil terror bid

Unknown gunmen attacked the house of the late Mian Mushtaq late last night and abducted three of his relatives.


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Poll
From The Newspaper
Tweets