Dawn News

Pakistani stocks close higher, rupee steady

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.

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