The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks closed higher Tuesday as investors remained hopeful that the national saving rate will be reduced soon, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-index closed at 16,858.68 higher, 0.34 per cent or 57.66 points.

D.G. Khan Cement rose 1.09 per cent, or 0.59 rupee, to 54.95 per share while Fauji Bin Qaim was up 1.11 per cent, or 0.42 rupees, to 38.28 per share.

“In hope that the national saving rate will soon be reduced, fresh buying was witnessed at Karachi stock exchange,” said dealer Samar Iqbal at Topline Securities.

Stocks that fell included Hub Power Co, down 1.35 per cent to 43.90 per share, and Jahangir Siddiqui, which fell 2.69 per cent to 16.25 per share.

In the currency market, the Pakistani rupee strengthened, closing at 97.88/97.94 against the dollar, compared to Tuesday’s 98.08/98.13.

The rally was a brief interlude in a mainly downward slide.

The rupee is under pressure due to import and oil payments and may fall further due to strong demand for the dollar from importers, a dealer said.

Overnight rates in the money market ended at 9.40 per cent compared to Tuesday’s close of 9.25 per cent.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...