| GEO Business|
KSE surges to 11,629 points on foreign buying
| Updated at: 1946 PST, Wednesday, December 08, 2010|
KARACHI: The benchmark KSE 100-share Index surged to a 29-month high level on Wednesday, led by foreign buying in energy stocks such as Pakistan Oilfields (POL) following an increase in international oil prices.
The Karachi Stock Exchange's benchmark 100-share index ended 1.74 percent, or 198.92 points, higher at 11,629.93, its highest close since July 2008.
Turnover rose to 195.65 million shares, compared to 118.3million shares traded on Tuesday.
The bullish rally was mainly led by foreign buying in oil stocks, which is the heaviest weighted sector on the KSE-index, dealers said
Foreigners have bought shares worth a net $28.64 million this month.
POL ended 5 percent higher at 289.81 rupees.
Global oil prices touched $90.76 on Tuesday, the highest price since October 2008.