KSE inches up to 12,261 points

KARACHI: Share prices at Karachi Stock Exchange (KSE) ended marginally higher on Tuesday as investors bought middle tier shares but gains were restricted because of political uncertainty after the country's prime minister was indicted for contempt of court on Monday, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.10 percent, or 11.85 points, to 12,261.85 points. The index made an intra day high at 12,347.46 points.

Turnover rose to 148.2 million shares, compared with 116million shares traded on Monday.

"Investors remained cautious on the uncertain political outlook," said a stock dealer.

Prime Minister Yusuf Raza Gilani was indicted on Monday for refusing to follow a court order to reopen old corruption cases against his party boss, President Asif Ali Zardari.

Gilani, who pleaded not guilty, and his advisers say Zardari has immunity as head of state, but the court remains unconvinced.

Proceedings will start on Feb. 16, when the prosecution will submit its evidence. Gilani has said that if convicted, he will be forced to step down. He could also face up to six months in jail.

Amongst the most active companies, Jahangir Siddiqui ended 0.94 percent higher at Rs8.55, Azgard Nine shed 2.19 percent to end at Rs5.80, while Cherat Cement closed 3.99 percent higher at Rs13.30. (Reuters)