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
"Aggressive institutional buying helped equities to gain 1.5
percent with improving volumes," said Samar Iqbal, a dealer at
"(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)