Pakistan shares end higher, erase Brexit losses

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KARACHI: Pakistan stocks closed higher on Monday, after a choppy trading session that saw initial losses but was buoyed in late trading by investment sentiment echoing regional markets, analysts said.

The benchmark 100-share index of the Pakistan Stock Exchange ended up 1.06 percent, or 401.20 points, to close at 38,367.96.

The gains on Monday saw the index completely erase the losses that had occurred days after the Brexit vote on June 23, said Gohar Rasool, head of international sales at Inter Market Securities Pvt Ltd.

Oil stocks were among the gainers, Rasool added, despite global oil prices taking a dip.

Pakistan Petroleum Ltd closed up as much as 1.58 percent, Oil and Gas Development Company gained 0.9 percent, and Pakistan Oilfields Ltd climbed as much as 0.92 percent.

Meanwhile, cement and fertiliser stocks also enjoyed a strong trading session, Rasool said.

Lucky Cement Ltd gained as much as 3.46 percent, Fauji Cement Company Ltd rose 2.37 percent, and fertiliser manufacturer Dawood Hercules Corporation Ltd ended up 4 percent.

Traded volume on the day rose to 110.8 million shares, with traded value at 11.15 billion rupees ($106.39 million).

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