*KARACHI:**In another positive economic development, Pakistan StockExchange hits 13 months high.*
Pakistan Stock Exchange KSE-100 index soared to a 13-month high afterinvestors engaged in buying exploration and production stocks on news thatPakistan had invited Russia to invest in state-owned oil and gas firms.
Late last week, Pakistan invited Russia to participate in the divestment ofgovernment’s shareholding in Oil and Gas Development Company (OGDC) andPakistan Petroleum Limited (PPL) and become a strategic partner byacquiring shares.
The KSE-100 index soared as soon as trading began and maintained theuptrend till the end of the session. The trading session also saw the indexcross the 41,500-point mark and move towards 42,000 points. Index-heavysectors including automobile, cement and exploration and production postedsubstantial gains.
At close, the benchmark KSE 100-share Index recorded an increase of 728.29points, or 1.78%, to settle at 41,644.88.
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Arif Habib Limited stated in its report that the market touched a new13-month high at 41,699 points during the session with the index going upby 782 points. The index closed near the day’s high at 41,645 points (+728points).
“The oil and gas chain remained in the limelight, particularly OGDC andPPL, which traded near and at their upper circuits respectively,” it said.
