KSE 100 Index continues forward march, gains 85 points

KARACHI: The stock prices at the local capital market closed higher on Wednesday, led by interest in telecoms and the energy sector.

The Karachi Stock Exchange's (KSE) benchmark100-share index ended 0.48 percent, or 85.05 points, higher at 17,696.45.

Pakistan Telecommunication Corporation Ltd. saw 45 million shares traded as it announced its December quarter earnings, the company's first profit in two years.

Some institutional interest in Oil and Gas Development Company stocks pushed the price of shares in the state-run company above 200 rupees per share for the first time.

Stocks in Sui Northern Gas Company also rallied after it announced positive results, said a dealer.

Pakistan Telecommunication Corporation rose 1.96 percent to 20.30 rupees and Oil & Gas Development Company. gained 1.86 percent to hit 202.25 rupees.

In the currency market, the rupee ended steady at 98.05/98.10 against the dollar, compared to Tuesday's close of 98.06/98.11. The rupee had come under pressure after Pakistan made a $145 million payment to the IMF, dealers said.

Overnight rates in the money market fall to 9 percent compared to Tuesday's close of 9.40 percent. (Reuters)