Led by oil stocks Karachi Stock Exchange gains 115 points

KARACHI: Oil stocks pushed the Karachi Stock Exchange to above 22,000 mark stocks, after the government vowed to cut down liabilities.

According to traders fertilizer and cement firms saw under selling pressure with investors anticipating tax increases in the upcoming budget, which could hurt profitability, dealers said.

The benchmark 100-share index closed 0.52 percent, or 115.50 points, higher at 22,324.57.

The Fauji Cement Company Ltd fell 1.98 percent at 11.90 rupees, while Fauji Fertilizer Co Ltd was down 0.61 percent at 113.48 rupees.

The rupee ended steady at 98.50/98.55 against the dollar.

Overnight rates in the money market remained flat at 9.40 percent.