KSE 100-share index gains 46 points

KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.35 percent, or 46.03 points, higher at 13,324.34points. Turnover fell to 250.51 million shares, compared with 295.14million shares traded on Monday.

Stocks ended higher on Tuesday led by the banking sector after National Bank of Pakistan (NBP) announced higher than expected corporate earnings, dealers said.

NBP reported a net profit of 17.6 billion rupees ($193.51million) in 2011, compared with 17.56 billion rupees in 2010. However, earnings grew by 87 percent in the fourth quarter of 2011 (Sept-Dec) over the third quarter.

"National Bank surprised the market with the cash dividend of 7.5 rupees per share and 10 percent bonus," said a dealer at Topline Securities Ltd. "And as a result of this, more than 40 million shares were traded." (Reuters)