Karachi stocks close higher as index increases 17 points

The Karachi stock market closed higher on Thursday as positive remarks from the White House spokesman refusing to endorse US Admiral Mullen’s allegation that ISI is supporting the Haqqani network propelled investors to take positions.

The Karachi Stock Exchange (KSE) 100-share index gained 16.77 points or 0.14 percent to close at 11,642.46 points as compared to 11,625.69 points of the previous session. The KSE 30-share index shed 5.55 points to close at 11,133.90 points as compared with 11,139.45 points.

“After two days of upsurge of 3.2 percent the equity values stabilised,” said Topline Sec analyst Samar Iqbal. “Investors offloaded their holdings in the oil sector due to weakening international oil prices.”

Some profit-taking was also witnessed in fertilizer stocks, he said and added that renewed buying interest was seen in Lucky in anticipation of better first quarterly results.

From: Daily Times