Stocks end higher after court gives PM breathing space

KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.88 percent, or 132.48 points, higher at 15,171.66, on volume of 14.84 million shares.

Stocks ended higher on Monday after the Supreme Court gave the prime minister breathing space in a case that could see him charged with contempt of court and disqualified.

"Markets have improved because the Supreme Court has given another few weeks to the prime minister. Investors believe this time may help in resolving the ongoing issue with the judiciary," said chief executive at Topline Securities.

Pakistan Telecommunications Company Limited was the biggest winner in terms of volume, gaining 6.54 percent to close at 16.29 rupees.

In the currency market, the rupee ended slightly higher at 94.80/94.85 to the dollar, compared to Friday's close of 94.87/93.

Overnight rates in the money market ended at 7.5 percent, compared with 9.5 percent on Friday.