KSE vaults to one-and-a-half month high

KARACHI: Energy stocks such as Oil and Gas Development Co Ltd (OGDCL) on Wednesday pushed the benchmark 100-Index to a one-and-a-half month high, ending up more than 2 percent.

The trading frenzy followed comments by a senior US official who said Washington wanted to promote investment in Pakistan.

"The American government is active in promoting US investment," said U.S. Consul General William Martin while visiting the Karachi Stock Exchange (KSE), "particularly in the energy sector."

The Karachi Stock Exchange's benchmark 100-share index ended 2.15 percent, or 242.55 points, higher at 11,547.71, its highest close since Dec. 1.

Volume rose to 83.73 million shares, compared with 53.11
million shares traded on Tuesday. 

OGDCL, the most heavily weighted company on the KSE-index, ended higher at its trading limit of 5 percent, at 151.65 rupees. The index halts trade on stocks if they rise or drop 5 percent. (Reuters)

Posted in: BUSINESS