Karachi: Pakistan's stock market closed higher yesterday, supported by an interest in power and oil companies, traders said. The Karachi Stock Exchange's benchmark 100-share index ended 1.04 per cent, higher at 18,080.90.
Hub Power, a private electricity generating company, closed at its upper limit after announcing earnings of Rs4.7 billion and a better-than-expected payout of Rs4.1 per share for its December quarter. The payout was up 58 per cent from last year. Hub Power rose 4.99 per cent to Rs53.49, while food and fertilizer conglomerate Engro Corporation rose 4.85 per cent to Rs117. The Engro Corp rose after an agreement with the Oil and Gas Development.
that Engro would receive a reliable gas supply, said equity dealer Samar Iqbal at Topline Securities. Pakistan caps stock movements at 5 per cent up or down to limit volatility in the market.