Geo Business

KSE closes on a two-month high

KARACHI: The prices of stocks at Karachi Stock Exchange (KSE) closed on a two-month high on Tuesday, despite a fall in world shares, led by the fertiliser sector following an increase in urea prices. Engro Corp raised its urea prices by 17 percent or 202 rupees per bag and analysts said other fertiliser companies are likely to follow suit. The KSE benchmark 100-share index rose 1.92 percent, or 225.03 points, to end at 11,933.28, its highest close since Aug. 3. Turnover was 105.66 million shares, compared with 43.2million shares traded on Monday. "FFBL and Fatima (Fatima Fertiliser) remained among the most active scripts as their earnings will increase substantially after the recent increase in urea price by 202 rupees per bag," said a stock dealer. Fatima Fertiliser shares closed up 5.27 percent, Fauji Bin Qasim rose 5 percent, while Engro ended 3.38 percent higher. Dealers said bargain hunters also moved in on hopes of an interest rate cut by the State Bank of Pakistan on Saturday. In July, the central bank cut the key policy rate by 50basis points to 13.5 percent. (Reuters)