Bullish trend continues for fourth day running
The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.6 per cent or 62.07 points at 10,322.55.
Expectations for early implementation of the margin trading system and news regarding the country possibly receiving $1.8 billion by December from the International Monetary Fund provided the market with a positive impetus, said Arif Habib Investments Limited Director Ahsan Mehanti.
Increase in inflation and the Supreme Court verdict not to defer the National Reconciliation Ordinance (NRO) case any further did not play any havoc in market, added Mehanti. The government had sought more time to replace its lawyer.
Consumer price inflation, the key indicator of inflation, accelerated to a 17-month high of 15.71 on a yearly basis in September with food prices surging the most as the recent devastating floods destroyed farm lands and disrupted supply chain.
Trade volumes fell to 89 million shares from Friday’s tally of 134.7 million shares.
Continued foreign interest was witnessed in the banking and oil and gas sector stocks, added Mehanti.
Refineries were also major gainers with Pakistan Refinery Limited closing at its upper limit, whereas Attock Refinery Limited and National Refinery Limited rose by 3.8 per cent and 2.3 per cent, respectively.
Shares of 413 companies were traded on Monday. At the end of the day, 205 stocks closed higher, 185 declined and 23 remained unchanged. The value of shares traded during the day was Rs3.1 billion.
Bank Alfalah was the volume leader with 13.96 million shares, gaining Rs0.16 to finish at Rs9.27. It was followed by Atlas Bank with 4.48 million shares, gaining Rs0.13 to close at Rs2.31 and NIB Bank with 3.95 million shares, losing Rs0.08 to close at Rs3.
Published in The Express Tribune, October 12th, 2010.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ