KSE buoyant: Index gains 148 points

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KARACHI: Stocks at Karachi Stock Exchange (KSE) rose to a 31-month high on Monday on foreign and institutional buying in the energy and fertiliser sectors on hopes of strong corporate results due to be announced in the coming days, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 1.18 percent, or 148.40 points, higher at 12,681.94 -- its highest close since June 2008 -- on trade of 316.81 million shares.

"With record weekly foreign inflows, the local bourse touched a new 31-month high. Local investors also supported the market on hopes of healthy profits," a stock dealer said.

Foreign investors bought shares worth a net $41.07 million this month.

Volume leader Fauji Bin Qasim ended 2.49 percent higher at 42.05 rupees and is due to announce its results on Jan. 25 for the quarter that ended Dec. 31. Pakistan Petroleum Ltd rose 0.89 percent to 225.70 rupees and is scheduled to announce its results on Jan. 24.