Share prices at KSE gain on fresh buying

KARACHI: The prices of local stocks ended higher on Tuesday, led by Pakistan Oilfields Ltd (POL), which announced the discovery of new oil and gas reserves yesterday.

Pakistan Oilfields Ltd shares, fourth in the volume leaders, ended 5 percent higher at 359.47 rupees, while the Karachi Stock Exchange's benchmark 100-share index ended 0.85 percent, or 103.34 points, higher at 12,314.99.

Turnover rose to 100 million shares from 95.85 million on Monday.

"The rally was led by POL today, as the new discovery is likely to have a positive impact on its earnings," said Mohammed Sohail, chief executive of brokers Topline
Securities.

Dealers said other energy sector companies also performed well during the day, helping the index close higher.

They expect the market to stay steady in the coming days, despite the negative sentiment that emerged after Friday's budget for the fiscal year 2011/12 (July-June), in which the
government did not remove a capital gains tax on individual investments. (Reuters)