The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistan’s stock market closed higher on Wednesday amid high hopes for strong results from the telecom sector.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.70 per cent, or 120.45 points, higher at 17,408.52.

The market saw yet another record high, crossing the 17,400 mark with volumes touching 336 million shares for the first time in ten months.

There was aggressive institutional buying as investors expressed hope that elections scheduled for this spring would go ahead and that a caretaker government would soon take over from the ruling party to prepare for them in line with the constitution.

Investors largely focused on the telecom sector and shares in World Call Telecom, Wateen Telecom and Telecard Ltd made up 24 per cent of the total volume traded, said Samar Iqbal, a dealer at Topline Securities.

World Call Telecom rose 23.78 per cent to 3.54 rupees. Pakistan Telecommunication Corporation rose 4.69 percent to 20.30 rupees.

In the currency market, the rupee ended weaker at 97.82/97.87 against the dollar, compared to Monday’s close of 97.73/97.79.

Overnight rates in the money market remained flat at nine percent.

Tuesday was a public holiday.