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Oil and Gas fuels gains on main Pakistan index
Pakistan's benchmark stock index rose after better-than-expected corporate earnings and on prospects national elections due this week won't be delayed.
- Bloomberg
- Published: 00:32 February 16, 2008
Karachi: Pakistan's benchmark stock index rose after better-than-expected corporate earnings and on prospects national elections due this week won't be delayed.
Oil and Gas Development led gains.
The Karachi Stock Exchange 100 Index added 71.44 points, or 0.5 per cent, to close at 14,354.06. Oil and Gas rose 2.2 per cent to Rs123.80.
"The earnings are much better than expectations, which is boosting sentiment," said Khurram Schehzad, a senior research analyst at Investcapital and Securities. Kot Addu Power, Pakistan's biggest non-state electricity producer, on Friday announced a 9.2 per cent increase in second- quarter profit to Rs1.31 billion ($20.7 million).
Pakistani companies are reporting higher earnings as economic growth, forecast by the government to increase to 7.2 per cent this fiscal year from seven per cent last year, stokes demand for goods and services.
Pakistan Telecommunication rose one per cent to Rs40.85. MCB Bank advanced one per cent to Rs412.55. United Bank added 2.7 per cent to Rs192.
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