KARACHI: Pakistan’s main stock exchange closed higher, driven by increased interest in fertilizer stocks following a hike in prices, dealers said.

The benchmark 100-share index of the Karachi Stock Exchange rose 1.38 percent, or 353.33 points, to 25,962.18.

Engro Corporation rose 1.64 percent to 162.19 rupees while Fatima Fertilizer Co. Ltd. was up 5 percent at 29.87 rupees.

The government has been trying to increase the cost that industry pays for subsidized gas amid nationwide shortages that have left many Pakistanis unable to heat their homes or cook food.

The rupee weakened against the dollar to close at 105.48/105.54 compared to Wednesday’s close of 105.40/105.45. Overnight rates in the money market fell to 8.75 percent from the previous close of 10.00 percent.