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Pakistani stocks end higher

October 15, 2009 00:00:00


KARACHI, Oct 14 (Reuters): Pakistani stocks ended more than 1 per cent higher in healthy volume Wednesday, led by the energy sector as international oil prices set a 2009 high and on hopes for increased domestic production, dealers said.
The Karachi Stock Exchange's 100-share index .KSE ended 118.21 points, or 1.22 per cent, higher at 9,804.61 points. Volume was 185.24 million shares compared with 93.43 million shares traded Tuesday.
The KSE-index has gained 67.17 per cent this year after losing 58.3 per cent in 2008.
"The bulls dominated on the back of a surge in commodity prices, especially global oil prices which crossed $75 a barrel," said Furqan Punjabi, an analyst at Topline Securities Ltd.
The energy sector is the heaviest weighted on the KSE.
In a notice to the KSE, Pakistan Oilfields announced that an exploratory well in Tal Block, Maramzai-1, produced 20.31 million standard cubic feet per day of gas and 769 barrels of oil per day in initial drilling results.
The well potential is expected to increase, the company said.

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