Karachi index ends flat as focus turns to earnings

Karachi: Pakistan's benchmark stock index was little changed on Monday. MCB Bank Ltd, the biggest lender by market value, led gains.

The Karachi Stock Exchange 100 Index rose 20.60 points, or 0.2 per cent, to 13,995 at close. MCB Bank advanced 12.60 rupees or 3.22 per cent to Rs404.50.

"Positive expectations related to corporate earnings announcements kept the market positive, despite news of the bomb blast," said Farhan Mahmoud, research analyst at JS Global Capital Ltd., in Karachi on Monday.

Pakistani companies started report earnings for the quarter ended on December 31, 2007, this month.

Attack

Four security personnel were killed in a suicide bomb explosion in Pakistan's garrison town of Rawalpindi, today.

JS Global Capital Ltd., a brokerage company, rose Rs24.30, or five per cent, the daily limit, to Rs510.50. Arif Habib Securities Ltd, another brokerage, rose Rs2.70 or 1.5 per cent to Rs177.85.

Karachi Electric Supply Co, which provides power to Pakistan's biggest city, rose 0.30 rupee or 5.6 per cent to Rs5.65.