KSE extends rally ahead of Eid holidays

KARACHI (Reuters) - The stocks closed higher on Tuesday on thin trading led by foreign buying in the energy sector following positive reports about oil and exploration companies and a rise in electricity tariffs, dealers said. Local investors stayed on the sidelines ahead of the upcoming Eid holiday. Markets will remain closed from Wednesday till Monday. The Karachi Stock Exchanges benchmark 100-share index ended 0.52 percent, or 56.34 points, higher at 10,965.99 on turnover of 74.21 million shares. There was a lot of interest in the energy sector following the report by Credit Suisse, said Shuja Rizvi, head of sales at Crosby Securities Ltd. According to a report by Credit Suisse, the energy sector, which is also the heaviest weighted on the KSE-index, will benefit the most from the rise in electricity tariff and is expected to yield higher returns. Electricity tariffs have been increased by around 2 percent effective Nov 1. APP from Lahore adds: The Lahore stock market closed in green zone on Tuesday as LSE-25 index surged 24.35 points to close at 3433.71 points. However, the total turnover remained 4.005 million shares against yesterdays 4.163 million shares. Of 124 scrips traded on the day, 44 improved, 17 went down and share of 63 companies remained unchanged. LotPTA, Silk Bank Limited and Attock Refinery Limited were the volume leaders with 0.835 million shares , 0.835 million shares and 0.342 million shares respectively. Bata Pakistan Limited was the major gainer while J.K Spinning Mills figured high on negative column.

ePaper - Nawaiwaqt