KSE 100-share index ends three-week high

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.52 percent, or 253.28 points, higher at 16,894.09.

The stock market closed at a three-week high on Tuesday, driven by optimism over upcoming company results, traders said.

"Aggressive institutional buying helped equities to gain 1.5 percent with improving volumes," said a stock.

"(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 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. (REUTERS)