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Pakistani stocks close higher, rupee strengthens

A stockbroker at the Karachi Stock Exchange.—Reuter/File Photo

KARACHI: Pakistan’s stock market closed at a record high on Tuesday, driven mainly by the cement sector, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.40 per cent, or 73.63 points, higher at 18,345.74 points.

Fauji Cement Company Ltd rose 4 per cent to 8.83 rupees while Maple Leaf Cement Factory Ltd climbed 5.33 per cent to 19.76 rupees.

Samar Iqbal, a trader at Topline Securities, said interest in cement shares remained strong due to expectations of better earnings in March.

In the currency market, the rupee ended at 98.29/98.33 against the dollar, stronger than Monday’s close of 98.38/98.43.

Overnight rates in the money market fell to 9.25 per cent from Monday’s close of 9.40 per cent.

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