Karachi index closes above 15,000

Karachi: Pakistan's Karachi Stock Exchange 100 Index added 108.59 points, or 0.73 per cent, to reach a record 15,056.27 at the 2.15pm local time close.

It was the first time that the index had breached the 15,000-mark.

DG Khan Cement Ltd, Pakistan's second-biggest maker of the building material, rose Rs3.50, or 3.2 per cent, to Rs112. Lucky Cement Ltd, Pakistan's biggest maker of the building material, gained Rs3.70, or 2.9 per cent, to Rs131.45 .

Cement stocks rose as the end of the winter season traditionally sees demand increase both locally and from overseas, leading to price rises, said Bilal Hameed, research analyst at JS Global Capital Ltd, in Karachi.

Banking

National Bank of Pakistan, the nation's biggest lender by assets, rose Rs0.90, or 0.3 per cent, to Rs268.90.

National Bank rose on expectations of improved financial results expected this week, said Atif Malik, research analyst at JS Global Capital Ltd, in Karachi.

The bank is expected to report a 15 per cent rise in profit compared with last year and may announce a Rs5 dividend payout and bonus soon, according to Malik.