Stocks close higher, rupee steady

KARACHI: The Pakistani stock market closed higher on Thursday, driven by institutional buying and strong corporate results, traders said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.87 percent, or 147.69 points, higher at 17,056.36.
Cement stocks performed well. Fauji Cement rose 3.88 percent to 7.77 rupees per share.

In the currency market, the Pakistani rupee ended steady at 97.68/97.74 against the dollar, compared to Wednesday's close of 97.68/97.73.

Overnight rates in the money market ended at 9.50 percent compared to Wednesday's close of 9 percent.