Low inflation for August takes KSE 166 pts higher

The Karachi stock market witnessed a bullish trading session on Tuesday as low inflation for August triggered across-the-board buying.

Analysts said Oil and Gas Development Company (OGDC) contributed the most to the rally followed by Pakistan Oilfields Limited (POL).

The Karachi Stock Exchange (KSE) 100-share index gained 166.24 points or 1.46 percent to close at 11,522.88 points as compared to 11,356.64 points of the previous session. The KSE 30-share index also increased 121.88 points to close at 11,055.55 points as compared with 10,933.67 points.

“Surprisingly low inflation for the month of August triggered across-the-board rally at the KSE,” said Topline Securities Ltd dealer Samar Iqbal. “OGDC contributed to this rally and closed at 5 percent upper limit with good volumes.”

POL also followed suite by gaining Rs 7. National bank also remained in the limelight and attracted 4.4 million shares with a rise of 80 paisas in its share value

From: Daily Times