Bulls contribute 307 points to KSE

KARACHI: Stock prices at Karachi Stock Exchange (KSE) gained sharply on Monday, led by the fertiliser sector after a rise in domestic urea prices, dealers said.

The KSE benchmark 100-share index ended 2.66 percent, or 307.21 points, higher at 11,868.88. Volume jumped to 101.13million shares compared with 81.08 million shares traded on Friday.

"A surprise increase in urea prices over the weekend triggered a major rally in fertiliser stocks, as investors believed that their earnings will increase substantially going forward," said a stock dealer.

"In line with fertiliser stocks, oil and banking stocks also improved, thereby pushing the index higher."

Stocks at Fauji Fertiliser bin Qasim rose 4.11percent to 62.36 rupees, while Engro Corp jumped 5percent to 118.23 rupees.

Dealers said healthy corporate results over the past few days had also helped the index post gains. (Reuters)