KSE 100-index ends 128 points higher to 11711

KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.11 percent, or 128.37 points, higher at11,711.40. Volume rose to 110.39 million shares, compared with 78.9million shares traded on Monday.

Stocks ended more than one percent higher amid healthy turnover on Tuesday, following foreign buying in the cement sector on hopes of healthy exports, dealers said.

"The market rallied based on renewed foreign interest, which gave confidence to local investors to step in as well," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd.

In the currency market, the rupee firmed against the dollar amid fewer import payments, and dealers said the local unit is expected to be range-bound in the coming days because of higher remittances from overseas Pakistanis.

The rupee closed at 85.25/35 to the dollar, compared with Monday's close of 85.31/36.

In the money market, overnight rates remained at a high of 13.90 percent amid tight liquidity in the inter bank market.

Dealers said rates would likely stay high because of the end of the quarter. (Reuters )