KSE-100 Index gains on fresh buying

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KARACHI: Prices of local equities ended higher on Friday, as investors accumulated energy sector shares following a rise in international oil prices, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 0.39 percent, or 47.63 points, higher at 12,377.77.

Turnover fell to 102.6 million shares from 111.86 million traded on Thursday.

"The increase in international oil prices helped the KSE-100index to close 50 points up," said Samar Iqbal, a dealer at brokers Topline Securities.

Dealers expect a steady market in the coming days, despite the hit to sentiment from the government's decision to maintain a capital gains tax on individual investments in the budget for the fiscal year 2011/12 (July-June), announced last week. (Reuters)