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KSE end higher; rupee weakens

KSE end higher; rupee weakens

KARACHI: Pakistan’s main stock exchange closed higher on Tuesday, with the benchmark 100 share index of the Karachi Stock Exchange rising 0.77 percent, or 186.90 points, to 24,588.47.

Momentum at the bourse continued as benchmark index closed at yet another high of 24,588 with impressive market participation.

Despite negative news surrounding cement sector’s pricing power, investors remained interested in Fauji Cement Co Ltd and Maple Leaf Cement Factory Ltd, said dealer. The Fauji Cement Ltd rose 0.15 percent to 13.58 rupees while Maple Leaf Cement Factory Ltd was up 1.13 percent at 26.05 rupees. The rupee ended weaker at 108.57/108.63 against the dollar, compared with Monday’s close of 108.48/108.54. Overnight rates in the money market remained flat at 10.00 percent.