KSE-100 index ends up, gains 319 points

KARACHI: Pakistani stocks ended more than 2.8 percent higher on Tuesday, as investors accumulated banking stocks after the National Bank of Pakistan's (NBP) full year result beat market expectations, dealers said.

The NBP announced a full year net profit for 2010 of 17.56billion rupees ($205 million) and a cash dividend of 7.5 rupees per share. The NBP ended 4.99 percent higher at 71.59 rupees.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 2.83 percent, or 319.21 points, higher at 11,608.43. Turnover rose to 153 million shares, compared with 86.23million shares traded on Monday.

"A higher than expected payout of the National Bank triggered a buying rally across the board," said Samar Iqbal, a dealer at Topline Securities Ltd.

In the currency market, the rupee ended flat at 85.67/71 to the dollar, unchanged from Monday's close, but dealers expect pressure on the local unit because of rising international oil prices.

In the money market, overnight rates also ended flat at between 12.50 percent and 13 percent, unchanged from the previous day's close despite an outflow of 8 billion rupees. Dealers expect rates to be on the higher side in the coming days.(Reuters)