KSE tops 6-1/2 month high on banks

KARACHI: A rally in banking shares helped lift the apex bourse to end on a six-and-a-half month high Tuesday as foreign investors snapped up local stocks on the back of expected strong corporate results, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index gained more than one percent for a second straight day, closing up 1.22 percent or 147.70 points, at 12,284.62 points, its highest close since July 26, 2011.

Volume fell to 162.11 million shares, compared with 196.3 million traded on Monday.

"The bullish trend continued on renewed foreign investment led by banking stocks in the earnings announcement session at KSE," said Ahsan Mehanti, director at Arif Habib Corp Ltd.

Foreign investors bought shares worth a net $3.47 million on Monday. Data for Tuesday will be released later in the day.

Winners on the KSE included Bank Alfalah, which closed 2 percent higher at 12.75 rupees, and National Bank of Pakistan, which rose 2.85 percent to 46.58 rupees. (Reuters)