Pakistani stocks rise, banking sector leads

KARACHI, Jan 16 (Reuters) Pakistani stocks rose in early trade on Tuesday as investors accumulated banking stocks in anticipation of healthy full-year profit announcements in coming weeks, dealers said.

Declining domestic oil prices could spark some selling of energy sector stocks, and limit rises in the index, they added.

The Karachi Stock Exchange benchmark 100-share index <.kse> was up 0.62 percent, or 65.11 points, at 10,570.96 points on a turnover of 44.66 million shares at 0535 GMT.

The free-float KSE-30 <.kse30> gained 0.65 percent to 13,277.73 points.

''The market trend is expected to remain mixed, but the important events to look out for are the upcoming financial results,'' said Tanvir Abid, head of institutional sales at IGI-Finex Securities.

Most companies are scheduled to release their corporate results in the coming weeks.

On Monday, the government slashed domestic fuel prices by up to 23 percent after global oil prices eased in recent weeks.

''Although the market has opened on a positive note, pressure may come in the energy sector shares, particularly the oil marketing companies,'' said Shuja Rizvi, head of institutional sales at Capital One Equities.

Amongst the heavyweights, National Bank of Pakistan rose 3.25 rupees to 260.80 rupees, Oil and Gas Development Co. Ltd.

was up 0.10 rupees to 118.20, while Pakistan Telecommunication Co. Ltd. gained 1.0 rupee to 50.40 rupees.

REUTERS PV GC1254