The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 0.88 per cent or 132.48 points to end at 15,171.66 point level.
“Market welcomed Supreme Court’s verdict as it indicated that the judiciary and the government are trying to find a middle ground in the dispute,” said Topline Securities Equity Dealer Samar Iqbal. The apex court granted Prime Minister Raja Pervez Ashraf’s time on Monday and adjourned the hearing till September 18 in the National Reconciliation Ordinance implementation case.
Augmenting the positive sentiment was the announcement of the new petroleum policy 2012 which bodes well for index heavyweight oil and gas sector, added Iqbal.
Trade volumes fell 260 million shares compared with Friday’s tally of 306 million shares.
Engro Corporation further continued its upward move as it seems likely now that the fertiliser giant will be given gas from other sources other than the Sui gas network. The new plant of Engro Fertilizers operated for only 33 days due to gas shortage on the Sui network in the first six months of 2012.
Foreign institutional investors were buyers of Rs228 million and sellers of Rs380 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Rumours regarding International Clearing House (ICH) also resurfaced which created positive buying momentum in PTCL, which was the highest traded share and close at its daily upper limit. The gateway ICH will converge all international calls to a single technical gateway led by PTCL against the current practice of being handled by 14 Long Distance International operators
Pakistan Telecommunication Company Limited was the volume leader with 33.5 million shares gaining Re1 to finish at Rs16.3. It was followed by Lafarge Pakistan with 20.3 million shares firming Rs0.3 to close at Rs6.0 and Fauji Cement with 17.8 million shares increasing Rs0.3 to close at Rs7.1.
Shares of 350 companies were traded on the first trading session of the week. The value of shares traded during the day was Rs6.0 billion.
Published in The Express Tribune, August 28th, 2012.
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How does the country benefit if market goes up?.Are more jobs created?