Pakistan stocks close higher, rupee firm, o/n rates flat

Last Updated: Tue, May 14, 2013 11:50 hrs

KARACHI, May 14 (Reuters) - Pakistan's stocks closed higher on Tuesday, with unending foreign buying causing the index to improve further by 1 percent.

This month, the market has already gained 9 percent amid expectations that economic activity will be revived once the new government, perceived to be pro-business, takes charge, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.14 percent, or 229.80 points, higher at 20,474.62 points.

Muslim Commercial Bank Ltd rose 5 percent to 274.99 rupees and Pakistan State Oil Company Ltd was up 5 percent to 232.95 rupees.

In the currency market, the rupee ended steady at 98.40/98.45 against the dollar,

Overnight rates in the money market remained flat at 9.40 percent. (Compiled by the Karachi newsroom)

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