| GEO Business|
KSE-100 Index tops 10,700 level
| Updated at: 2206 PST, Monday, October 25, 2010|
KARACHI: The benchmark KSE 100-share Index ended on a more than a two-year high at Karachi Stock Exchange on Monday, its fourth consecutive positive closing as investors bought shares on expectations of strong corporate profits due to be announced this week.
The Karachi Stock Exchange's benchmark 100-share index rose 0.48 percent, or 51.23 points, to end at 10,703.71,its highest close since 19 August 2008.
Turnover was 158.05 million shares, compared with 160.34million shares traded on Friday.
Corporate results so far have been above expectations and that has given investors the confidence to step into the market, dealers said.
Investors were also awaiting corporate results from Oil and Gas Development Co Ltd -- due to announce its results on Oct. 27 -- and MCB Bank on Tuesday.
Another trigger would be the IMF (International Monetary Fund) meeting.
IMF and Pakistani authorities are due to meet in Islamabad this week to discuss the release of the sixth tranche of a $11billion emergency loan agreed in November 2008.