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Reversal of fuel price hike pushes KSE 66 points up

Saturday, January 8, 2011

KARACHI: Bulls continued to dominate the Karachi stock market on the last trading day of the week Friday as the government reversed its decision of hike in fuel prices, which boosted investors’ confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 65.57 points or 0.53 percent to close at 12,389.04 points as compared to 12,323.47 points of the previous trading session. The KSE 30-share index also rose 72.95 points to close at 11,961.38 points as compared with 11,888.43 points.

“Investors remained cautious after Thursday’s rally of more than 2.0 percent and over the outcome of prime minister’s meeting with one of the coalition partners,” said Topline Sec analyst Samar Iqbal. “Yet trading activity was confined to fertilizer and oil stocks amid upcoming results.”

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