In another positive economic development, Pakistan Stock Exchange hits 13 months high

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In another positive economic development, Pakistan Stock Exchange hits 13 months high

*KARACHI:**In another positive economic development, Pakistan Stock Exchange hits 13 months high.*

Pakistan Stock Exchange KSE-100 index soared to a 13-month high after investors engaged in buying exploration and production stocks on news that Pakistan had invited Russia to invest in state-owned oil and gas firms.

Late last week, Pakistan invited Russia to participate in the divestment of government’s shareholding in Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) and become a strategic partner by acquiring shares.

The KSE-100 index soared as soon as trading began and maintained the uptrend till the end of the session. The trading session also saw the index cross the 41,500-point mark and move towards 42,000 points. Index-heavy sectors including automobile, cement and exploration and production posted substantial gains.

At close, the benchmark KSE 100-share Index recorded an increase of 728.29 points, or 1.78%, to settle at 41,644.88.

Arif Habib Limited stated in its report that the market touched a new 13-month high at 41,699 points during the session with the index going up by 782 points. The index closed near the day’s high at 41,645 points (+728 points).

“The oil and gas chain remained in the limelight, particularly OGDC and PPL, which traded near and at their upper circuits respectively,” it said.