BISINISS WORLD NEWS

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index rose 47.82 points, or 0.50 percent, to end at 9,546.38 on turnover of 82.22 million shares.

The index ended on a two-month low on Monday.

Stocks ended higher with market confidence helped by foreign buying the previous day but turnover was low as cautious investors awaited the announcement of a new finance minister, dealers said.

Respected veteran banker Shaukat Tarin said last week he was stepping down to focus on private business interests.
"The buying by foreign investors yesterday slightly boosted confidence," said Asad Iqbal, managing director at Ismail Iqbal Securities Ltd.

Foreign investors bought shares worth $3.6 million on Monday, according to official data.
The rupee fell to an all-time closing low on Tuesday because of pressure from payments for imports and dealers said they expect the currency to weaken further.

The rupee ended at 85.09/11 to the dollar, compared with Monday's close of 85.04/09.

The rupee hit an all-time record low of 85.15 last month.
Dealers said there could have been some central bank verbal intervention to support the rupee at around 85.10 after it hit 85.11.

"We expect a gradual weakness in the rupee unless external flows start to come in," said a bank dealer.
The rupee has lost 1.06 percent against the dollar this year after losing 6.17 percent last year and a 22.12 percent slide in 2008.

In the money market, short-term money rates rose to between 12.00 percent and 12.15 percent compared with Monday's close of 11.50 percent amid tight liquidity in the interbank market.

There were no scheduled inflows or outflows on Tuesday.

The next outflow is scheduled for March 6 of 96.36 billion rupees ($1.13 billion) and the next inflow is scheduled for March 25 of 65 billion rupees ($765 million).