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KSE 100-Index ends up on China hope; rupee steady

KARACHI: Karachi Stock Exchange (KSE) Closed higher on Wednesday with encouraging half-yearly bank results pushing up those stocks and buying, led by foreigners, in the cement and fertilizer sectors as investors took heart from a plan for major Chinese investment.

The Karachi Stock Exchange 100-share index ended 1.38 percent or 454.87 points higher at 33,490.64.

Foreign buying set the pace and locals followed suit, said analyst Saleem John at Al-Hoqani at Securities & Investment Corp, a day after China’s President Xi Jinping ended a visit to launch $46 billion in energy and infrastructure projects.

“The president’s successful visit coupled with an easing in Yemen crises helped investors to take fresh positions,” said Muhammad Rizwan at Topline Securities.

Azhar Ali Shahzad of BMA Capital Management Ltd said investors were bullish and he expected this was the beginning of a significant move in the market.

Pak Electron Ltd was up 5 percent to 63.75 rupees, while Engro Corporation Ltd was up 3.32 percent to 296.25 rupees.

The rupee ended steady at 101.56/101.61 against the dollar, compared with Tuesday’s close of 101.57/101.62.

Overnight rates in the money market fell to 5.50 percent from Tuesday’s close of 6.00 percent. -Reuters

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