Karachi Stock Exchange closes higher; rupee strengthens

KARACHI: Foreign bulls Monday catapulted Karachi Stock Exchange (KSE) above 20,800 mark, a massive rally wherein the benchmark index of apex bourse piled up around a solid 277 points.

Benchmark KSE-100 Index ended 1.35 percent, or 277.11 points, higher at 20,814.14.

Reports of an early resolution of circular debt helped Pakistan State Oil Company Ltd close at its upper cap.

The Oil and Gas Development Company Ltd (OGDCL) also closed higher, dealers said. OGDCL rose by 5 percent to Rs220.65 and Pakistan State Oil Company Ltd (PSO) was up 5 percent at Rs256.49.

In the currency market, the rupee ended at 98.39/98.45 against the dollar, stronger than Friday's close of 98.45/98.50.

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