Karachi stocks pick up on earnings hopes

KARACHI: Stocks at local equity market ended higher on Wednesday on buying by investors expecting strong corporate earnings in the quarter ending March 30, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed 1.26 percent higher, or 173.73 points, at 13,937.95.

Volume was 261.5 million shares, compared with 268.73 million shares traded on Tuesday.

"The market was bullish, with investor interest in stocks across the board on expectations of a strong earnings outlook," said Ahsan Mehanti, director at Arif Habib Corp.

Among the most active companies, volume leader Fauji Cement ended 0.14 percent lower at 7.10 rupees, Lafarge Pakistan rose 7.24 percent to close at 5.48 rupees and D.G. Khan Cement gained 4.98 percent to end at 41.49 rupees. (Reuters)