KARACHI: Pakistan's main stock exchange closed higher on Monday, with the benchmark 100-share index of the Karachi Stock Exchange rising 0.47 percent, or 123.12 points, to 26,169.83.

The rise was backed by reports of the Privatization Commission’s meeting during the week to initiate the process of privatization. Pakistan International Airline Corporation will be among the companies that are to be privatized and gained a volume of 32 million, dealer Asad Siddiqui said.

Nishat Chunian Ltd. rose 2.17 percent to Rs.63.65 while The Bank of Punjab BOPU.KA was up 3.43 percent to Rs.11.75.

The rupee weakened against the dollar to close at 105.42/105.47 compared to Friday's close of 105.30/105.36.

Overnight rates in the money market rose to 10.00 percent from Friday's close of 9.50 percent.