Stocks spike to 6-month high at KSE

KARACHI: Shares at Karachi Stock Exchange (KSE) climbed more than 1.2 percent on Monday to a six-month high as investors accumulated banking shares on hopes of strong corporate results due to be announced in the coming days, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed up 1.29 percent, or 154.30 points, at 12,136.92points, its highest close since Aug. 2, 2011.

Volume rose to 196.3 million shares, compared with 130million traded on Friday.

"There was a lot of interest in the banking sector today and possible foreign buying as well," said Shuja Rizvi, a dealer said.

Bank Alfalah ended 2.53 percent higher at 12.55rupees, National Bank of Pakistan rose 4.98 percent to45.29 rupees, and Silk Bank closed up 12.87 percent at 1.93 rupees. (Reuters)