KSE 100-index gains 11 points

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,869.83, 0.07 percent higher or 11.15 points.

Stocks closed slightly higher Wednesday, mainly supported by oil stocks.

Investors also booked profit in the Engro Corp as no major decision was taken to overcome gas shortages in the fertilizer sector, said dealer at Topline Securities.

Financial services company Jahangir Siddiqui rose 1.85 percent, or 0.30 rupee, to 16.52 per share while Fauji Fertilizer was up 0.37 percent, or 0.42 rupees, to114.45 per share.

Stocks that fell included Hub Power Co, down 0.41percent to 43.80 per share, and D.G. Khan Cement, which fell 0.51 percent to 54.65 per share.

In the currency market, the rupee strengthened, closing at 97.69/97.73 against the dollar, compared to Tuesday's close of 97.88/97.94.

The rally was a brief interlude in a mainly downward slide. The rupee is under pressure due to import and oil payments and may fall further due to a strong demand for the dollar from importers.

Overnight rates in the money market ended at 9.50 percent compared to Tuesday's close of 9.40 percent. (REUTERS)