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Pakistani stocks rise over 250 points

January 22, 2013

The Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: The Pakistani stock market closed at a three-week high on Tuesday, driven by optimism over upcoming company results, traders said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 1.52 per cent, or 253.28 points, higher at 16,894.09.

“Aggressive institutional buying helped equities to gain 1.5 per cent with improving volumes,” said Samar Iqbal, a dealer at Topline Securities.

“(The) Reduction in political temperature coupled with likely announcements of December results compelled investors to buy quality stocks.”

Fauji Fertilizer was up 1.72 per cent to 120.65 rupees per share, while Fauji Cement rose 1.37 per cent to 7.40 rupees. Another strong performer, National Bank, climbed 5 per cent to 51.26 rupees per share.