KSE ends flat at 11,929 points

KARACHI: Shares at Karachi Stock Exchange(KSE) ended flat on Thursday as early gains were eroded after the country's top court set a contempt hearing for the prime minister, renewing political tensions between the civil government and the judiciary.

The Supreme Court prepared to charge Prime Minister Yusuf Raza Gilani with contempt of court for his failure to re-open corruption cases against President Asif Ali Zardari.

Gilani is due in court on Feb. 13.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed down 0.01 percent, or 0.77 points, at 11,929.78points. Volume rose to 107.72 million shares, compared with93.44 million traded on Wednesday.

"Cautious investors squared their positions after the prime minister was ordered to appear on February 13," said a stock broker.

Dealers said investors accumulated textiles shares such as Azgard Nine and Nishat Mills after a World Trade Organisation committee meeting on Wednesday approved a European Union waiver on duties for 75 products from Pakistan.

Azgard Nine ended 2.37 percent higher at 3.89 rupees and Nishat Mills gained 4.41 percent at 47.60 rupees. (Reuters)