Scale a 7-1/2 Month High (Karachi Stocks Exchange)
Stocks at the local capital market ended on a seven-and-a-half month high on Friday, and in healthy turnover, led by Engro Corp after it announced a higher than expected full year result, dealers said.
Engro Corp announced on Thursday a 19 percent increase in its net profit for 2011 at 8.1 billion rupees ($89.31 million), compared with a net profit of 6.8 billion rupees in 2010.
It also announced a final cash dividend of 2 rupees per share which brought the cumulative dividend for year ending Dec. 31 at 6 rupees per shares and a 30 percent bonus.
The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.74 percent, or 91.44 points, to end at 12,495.68 points, its highest close since July 6, 2011.
Turnover climbed to 233.2 million shares, compared with 205.56 million shares traded on Thursday.
“The rally today was led by Engro Corp’s excellent payout, which triggered buying in all the leading shares,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Engro Corp ended 5 percent higher at 134.24 rupees.
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