Pakistan stocks close higher, rupee weakens, o/n rate fall

Last Updated: Tue, Jan 22, 2013 12:40 hrs

KARACHI, Jan 22 (Reuters) - 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 percent, or 253.28 points, higher at 16,894.09.

"Aggressive institutional buying helped equities to gain 1.5 percent 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 percent to 120.65 rupees per share, while Fauji Cement rose 1.37 percent to 7.40 rupees. Another strong performer, National Bank , climbed 5 percent to 51.26 rupees per share.

In the currency market, the Pakistani rupee ended weaker at 97.70/97.74 against the dollar, compared to Monday's close of 97.65/97.70.

Overnight rates in the money market ended at 8.50 percent compared to Monday's close of 8.75 percent. (Compiled by the Karachi newsroom)

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