KARACHI: Pakistani stocks closed higher on Wednesday, driven by interest in the oil, cement and power sectors.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.03 per cent, or 5.18 points, higher at 16,256.97 — the highest ever settlement and within striking distance of the market’s peak of 16,292.45 points reached during intra-day trading on Nov 12.

“Renewed institutional support in the oil, cement and power sector stocks on strong valuations played a catalyst role in the positive close,” said Ahsan Mehanti at Arif Habib Corp.

Karachi Electric surged 8.85 per cent, or 0.5 rupees, to 6.15 per share, while Jahangir Sidiqui rose 1.89 per cent, or 0.3 rupees, to 16.17 per share.

Fauji Cement <FAUC .KA> fell 1.03 per cent, or 0.07 rupees, to 6.70 per share and JS Bank dropped 3.87 per cent, or 0.23 rupees, to 5.71 per share.

In the currency market, the Pakistani rupee was steady at 95.90/95.97 to the dollar, compared to Tuesday’s close.

Overnight rates in the money market ended at 10 per cent compared to Tuesday’s close of 9.90 per cent.