Pakistani stocks end higher; rupee weaker

KARACHI, Nov 20 (Reuters) - Pakistani stocks ended up on Friday as investors bought shares on hopes of a cut in the key policy rate when monetary policy is announced next week, dealers said.

The Karachi Stock Exchange's .KSE benchmark 100-share index ended 0.60 percent, or 55.17 points, higher at 9,306.36 on turnover of 113.53 million shares.

"The market trend remained positive as investors are expecting a rate cut," said Asad Iqbal, managing director at Ismail Iqbal Securities Ltd.

Dealers said there were expectations of a 50 basis points cut in the policy rate when monetary policy for December and January is announced on Tuesday.

The KSE-100 index has gained 61.7 percent this year after losing 57.9 percent last year.

Dealers said there was also foreign buying which boosted confidence.

According to official data, foreigners bought shares worth $17.38 million in the first four trading sessions this week.

Volume was still on the low side but the negative impact of militant attacks was easing as the violence was occuring almost on a daily basis, dealers said.

In the currency market, the rupee ended weaker at 83.50/55 to the dollar compared with Thursday's close of 83.41/52.