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High volumes catapult Pakistani stocks to 200-point gain

March 19, 2013

A stockbroker at the Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistan's stock market closed higher on Tuesday, boosted by higher volumes and a recovery in the banking sector, dealers said.

Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 1.15 per cent, or 201.37 points, higher at 17,693.37 points.

Strong cotton prices supported the textile sector, said Samar Iqbal at Topline Securities.

Muslim Commercial Bank Ltd rose 3.14 per cent to 188.75 rupees while Nishat Mills Ltd was up 4.99 per cent to 81.99 rupees.

In the currency market, the rupee ended weaker at 98.13/98.18 against the dollar, compared to Monday’s close of 98.10/98.16.

Overnight rates in the money market fell to 9 per cent from Monday's close of 9.25 per cent.