KSE 100-share index gains 73 points

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.46 percent, or 73.58 points, higher at 16,181.47.

The stock market closed higher on Wednesday after a steep fall the previous day.

Investors bought cautiously although uncertainty remained over the resolution of an anti-corruption demonstration in the capital.

Investors who bought stocks in oil, cement and fertilizer helped the index to gain 73 points. Volumes remained low with activity remained confined towards mid cap stocks, said dealer at Topline Securities.

"We expect the market to be politically driven in the upcoming days and better than expected results in the upcoming result season should also provide support to the index," said a dealer at JS Global Capital Ltd.

Fauji Cement rose 1.8 percent to 6.78 per share while Byco Petroleum was up 3.67 percent to 12.99 per share.

Maple Leaf Cement dropped 0.28 percent to 14.28 per share and Askari Bank fell 0.34 percent to 17.76per share.

In the currency market, the rupee ended weaker at 97.58/97.64 against the dollar, compared to Tuesday's close of 97.40/97.45.

Overnight rates in the money market remained flat at 9.40 percent. (Reuters)