KSE closes 19 pts up on rise in local power tariff

The Karachi stock market witnessed a firm trading session on Thursday as strong recovery in global stocks and commodity markets and increase in local power tariff boosted investor confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 18.65 points or 0.16 percent to close at 11,348.42 points as compared to 11,329.77 points of the previous session. The KSE 30-share index increased 41.32 points to close at 10, 936.48 points as compared with 10,895.16 points. The KMI 30-share rose 102.96 points to close at 20,539.42 points as against 20,436.46 points. The KSE all-share index closed with a gain of 13.56 points to 7,881.51 points after opening at 7,867.95 points.

“Sentiment remained bullish at KSE and the index moved in a narrow range during the earnings announcements session led by banks, fertilizer and oil sectors’ scrips,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Strong recovery in global stocks and commodity markets, rising local power tariff and release of funds by the government to ease circular debt crisis in the energy sector played a catalyst role in boosting investor interest at KSE despite concerns over security situation in the country.”

From: Daily Times