Geo Business

Stocks gain 24 points at KSE

KARACHI: Prices of local equities rose at Karachi Stock Exchange on Wednesday, led by the Oil and Gas Development Co Ltd (OGDCL), but dealers said the market is likely to remain range-bound ahead of the meeting between Pakistan and the International Monetary Fund (IMF), and Pakistan's budget announcement. Officials from the IMF and Pakistan began talks on Wednesday in Dubai to discuss budget targets for the 2011/12 fiscal year. They will also try to reach agreement on the release of the remaining $3 billion, due in two final payments. The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 24.34 points, higher at 12,036.36on turnover of 84.42 million shares. "OGDCL contributed 15 points in the total gain of the market's 24 points," a local stock broker said. OGDCL, which is the most heavily-weighted company on the KSE-index, ended 0.4 percent higher at 148.80 rupees.