Stocks at KSE attain new peak

KARACHI: The prices of equities at Karachi Stock Exchange (KSE) hit a record high for the second straight session, supported by arise in shares of Engro Foods and gas companies on Wednesday.

The Karachi Stock Exchange's (KSE) benchmark100-share index surged as high as 16,699.54 in intraday trading. It closed at 16,675.70, up 0.15 percent or 25.55 points.

The market has hit record highs in six of the last seven sessions, and was up 25 percent since mid-June.

Jahangir Sidiqui rose 1.57 percent, or 0.29 rupee, to 18.76 per share, while Engro Foods was up 4.99 percent, or4.34 rupees, to 91.30 per share.

PTCL fell 4.86 percent, or 0.87 rupees, to17.04 per share.

"Institutional buying supported Engro ... and banks gained on hopes of better-than-expected results," said a stock dealer.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate this week after government data showed inflation under control.