The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 0.97 per cent or 105.34 points to end at 11,014.46 point level.
News that the government will allow investors to declare their incomes by paying a nominal tax before investing in the stock market cheered investor sentiment, said JS Global Capital analyst Jawad Khan.
Market shrugged off the political noise including news that Prime Minister Yousaf Raza Gilani expressed his fears of a possible coup by the army to a British diplomat over a phone call this week, AP reported on Friday.
Major oil stocks advanced led by Oil and Gas Development Company after induction of 100mmcfd gas from Kunar-Pasakhi field which will help ease some pressure on the gas supply situation in the country, added Khan. The index heavyweight stock rose Rs2.5 to close at Rs136.35.
While banking and fertiliser stocks remained positive throughout the session volumes remained still thin at 32 million shares compared with Thursday’s tally of 21 million shares.
Foreign institutional investors were net buyers of Rs62.75 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 325 companies were traded on Friday. At the end of the day 147 stocks closed higher, 47 declined while 131 remained unchanged. The value of shares traded during the day was Rs1.71 billion.
Jahangir Siddiqui and Company was the volume leader with 3.16 million shares gaining Rs0.2 to finish at Rs4.27. It was followed by Fauji Fertilizer Bin Qasim with 2.28 million shares firming Rs0.33 to close at Rs43.58 and Fatima Fertilizer Company with 2.20 million shares losing Rs0.11 to close at Rs22.87.
Published in The Express Tribune, January 14th, 2012.
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