Bluechips bring KSE back in business

KARACHI: After closing on a six-week low the previous day, Karachi Stock Exchange (KSE) ended higher on Friday as investors bought blue chip shares such as Oil and Gas Development Co Ltd (OGDCL) and Pakistan Oilfields (POL), dealers said.

KSE benchmark 100-share index rose 2.47 percent, or 278.18 points, to end at 11,561.67. Volume was 81.08 million shares compared with 69.76 million shares traded on Thursday.

"Active institutional buying in OGDCL helped index to gain2.46 percent," said a leading broker.

OGDCL, the heaviest weighted company, ended 5 percent higher at 139.33 rupees while POL gained 1.92 percent to end at 357 rupees.

Analysts say inflation figures for October would set the direction of the stock market next week.

Topline Securities Ltd expected inflation for October to fall between 10 percent and 10.3 percent year-on-year, while Invest and Finance Securities Ltd expects it at 10.5 percent. (Reuters)