KARACHI: Pakistani shares hit a record high on Wednesday, as the market reopened after the long festival weekend of Eid Al-Fitr and investors took fresh positions in chemical stocks in anticipation of better earnings.

The benchmark 100-share index of the Karachi Stock Exchange ended up 0.47 percent, or 169.02 points, at an all-time high close of 36,056.68.

Traded volume rose 3 percent to 621 million shares, while traded value increased by 17 percent to 16.5 billon rupees.

“Investors took fresh positions in chemical stocks and renewed interest was seen in banking stocks with several closing at their upper limits,” said Mohammad Rizwan, vice president at Topline Securities Pvt Ltd.

Arif Habib Corp. Ltd. rose 4.99 percent, while Engro Corp. Ltd, Engro Fertilizers Ltd. and Fatima Fertilizer Co. Ltd. gained 1.89 percent, 1.16 percent and 4.35 percent respectively.

Banking stocks also showed an upward trend, with Allied Bank Ltd, Bank Alfalah Ltd. and National Bank of Pakistan all rising 5 percent.

The rupee, however, weakened to 101.84/101.94 against the dollar, compared with the previous close of 101.80/101.87.