KARACHI: Pakistan’s stock market ended higher on Thursday on the back of sustained momentum from the previous session in the absence of foreign selling, said dealers.

The benchmark 100-share index of the Karachi Stock Exchange closed up 0.58 percent, or 191.66 points, at 33,211.92.

“Bullish momentum seen in the market in the absence of major outflow of foreign funds restored investors’ confidence; as a result, investor interest was seen in the banking stocks,” said Mohammad Rizwan, head of sales at Topline Securities Private Ltd.

MCB Bank Ltd. gained 2.50 percent to close at 220.50 rupees and United Bank Ltd. climbed 3.61 percent to end at 159.50 rupees.

The rupee ended at 103.90/104.00 against the dollar, compared with Wednesday’s close of 103.85/103.95.

Overnight rates in the money market rose to 6.50 percent from Wednesday’s close of 6.25 percent.