Geo 436 KARACHI: Pakistani stocks ended more than 1.3 percent higher on Tuesday on foreign buying following an increase in international oil prices, dealers said.
The Karachi Stock Exchange”s benchmark 100-share index ended 1.36 percent, or 143.60 points, higher at 10,681.87.
Volume was 108.16 million shares compared with 80.54 million shares traded on Monday.
Global oil prices rose on Tuesday ahead of an expected decision by the Federal Reserve to pump more money into the US economy and was trading at $83.31 a barrel at 1034 GMT.
The energy sector has the heaviest weightage on the KSE-index and Pakistan Oilfields rose 2.49 percent to end at 245.27 rupees, while Oil and Gas Development Co Ltd gained 0.53 percent to 154.69 rupees.
However dealers said investors were awaiting the outcome of meetings between International Monetary Fund and Pakistani officials, to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008.
Policy level meetings will resume on Wednesday.
In the currency market, the rupee ended firmer at 85.65/70 to the dollar, compared with Monday”s close of 85.87/92 to the dollar because of fresh inflow of dollar in the market, despite a rise in international oil prices, dealers said.
In the money market, overnight rates rose to 11.15 percent, compared with Monday”s close of 10.50 percent after the State Bank of Pakistan sold treasury bills worth 36.5 billion rupees ($426 million) to mop up liquidity from the interbank market.
Dealers said they were waiting for a treasury bill auction scheduled for Wednesday with a target of 150 billion rupees ($1.75 billion) and the next scheduled inflows were on Thursday amounting to 136 billion rupees ($1.58 billion).
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