KSE-100 index gains 52.30 points

KARACHI: Shares at local capital market ended higher on Wednesday, as investors accumulated shares of the heaviest weight company, Oil and Gas Development Co Ltd (OGDCL), dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.42 percent, or 52.30 points, higher at 12,367.29.

Turnover rose to 151.3 million shares from 100 million traded on Tuesday.

"The market closed 0.42 percent up on support of heavy weight OGDCL which contributed 40 points," said Samar Iqbal, a dealer at brokers Topline Securities.

OGDCL ended 1.9 percent higher at 156.55 rupees.

Dealers 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.

In the currency market, the rupee ended at 85.86/89 to the dollar, firmer than the previous day's close of 85.94/97 because of lack of import payments.

The rupee hit a record low of 86.50 last month, and dealers said the local unit may face some pressure in the days ahead, amid increased demand for dollar for import payments and a bleak outlook.

In the money market, overnight rates ended at 12.75 percent, lower than Tuesday's close of 13.0-13.5 percent, dealers said. (Reuters)