KARACHI: Dollar-denominated sovereign bonds rose on Tuesday as investors rushed to buy Pakistani debt amid a weakening greenback.

The 10-year Pakistan Government International Bond, which is to mature in April 2024, increased to 52.2 cents from 43.1 cents a day ago. It means that the debt instrument is still trading at only 52.2 per cent of its face value, even though it gained 9.1 cents on a day-on-day basis.

As a consequence, the bond`s yield which is inversely proportional to its price in the secondary market dropped to 63.9pc from 82.9pc a day ago.

Prices of each of the nine Pakistani bonds both conventional and Islamic rose on Tuesday from the preceding session.A Reuters story quoted a debt expert as saying that the signs of Chinese support for Pakistan, which is in a `fragile` financial situation, helped drive the gains for its bonds.-KA