KSE-100 index gains 30.20 points

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KARACHI: Karachi Stock Exchange (KSE) ended higher on Wednesday led by energy stocks after the government said it would improve the margins of oil marketing companies, dealers said.

The Economic Coordination Committee on Tuesday decided to revise the margins of oil marketing companies upwards mainly on petrol and diesel.

The KSE benchmark 100-share index closed 0.32 percent, or 36.20 points, higher at 11,269.95.

Volume rose to 46.33 million shares from 26.8 million shares traded on Tuesday.

"Oil stocks rallied on the second day after Economic Coordination Committee announced its decision on improved oil marketing companies margin," said Samar Iqbal, a dealer at Topline Securities Ltd.

In the currency market, the rupee ended at 86.64/70 to the dollar, weaker than Tuesday's close of 86.60/65, amid higher import payments, dealers said.

The rupee fell to a record low of 86.83 this month but dealers said a further slide in the local unit is likely to be prevented by a rise in remittances from overseas Pakistanis.

According to official data, remittances rose 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year, compared with $791.18 million in the same period last year.

In the money market, overnight rates ended lower at between 10.75 percent and 11.0 percent, compared with the previous day's close of 13.0 percent amid increased liquidity in the interbank market. (Reuters)