KARACHI: Pakistan stocks ended higher on Tuesday, led by the cement sector, but gains were limited as cautious investors squared positions when the market topped the psychologically key 14,000 line, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended up 0.28 percent, or 38.44 points, at 13,903.12 points.
Volume fell to 166.98 million shares, compared with 348.24 million shares traded on Monday.
"For technical reasons, we have seen selling above 14,000 points. Once the index comfortably consolidates above that level, the market should rise further," said Shuja Rizvi, a dealer at Al-Hoqqani Securities.
The KSE-index made an intra-day high at 14,002.69 points.
Traded volume leader NIB Bank rose 4.6 percent to 2.98 Pakistani rupees, Dewan Cement gained 16.2 percent to 7.19 rupees and D.G. Khan Cement rose 5 percent to 41.55 rupees.
Overnight rates in the money market rose to 11.90 percent, compared with Monday's close of 9.10 percent, because of a lack of liquidity in the interbank market.
In the currency market, the rupee ended almost flat at 90.68/73 to the dollar, compared with Monday's close of 90.67/69.
The rupee has been supported recently by remittances from Pakistanis overseas, which rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.
In March, remittances totaled $1.14 billion. AGENCIES