Stocks rise 94 points to six-month high
Stocks end at high as local investors become active in the wake of corporate results amid continued foreign interest.
KARACHI:
Stocks ended at a six-month high on Friday as local investors became active in the wake of corporate results amid continued foreign interest.
The Karachi Stock Exchange benchmark 100-share index rose 0.89 per cent or 93.74 points to end at 10,652.48, its highest close since April 19.
Positive development on the economic front with foreign reserves touching a record high of $17.1 billion boosted sentiment in early trade, said Elixir Securities analyst Mohammad Rameez.
The current account recorded a surplus of $447 million in September compared with a deficit of $372 million in August, the central bank reported earlier this week.
Moreover, the news that coalition partners have reached an understanding to forge a working relationship to overcome the deteriorating law and order situation in the metropolis helped restore investor confidence as political uncertainty eased, said Crosby Securities analyst Ovais Iqbal.
Talk that the finance ministry will approve the margin trading system soon also lifted investor sentiment, added Iqbal.
Volumes rose to a four-month high of 160.34 million shares compared with Thursday’s tally of 153.75 million.
The value of shares traded during the day was Rs5.6 billion.
Foreign investors have bought net shares worth $33.56 million this month.
Banking sector scrips remained in the limelight as six banks namely National Bank of Pakistan, Bank Alfalah, Silkbank, MCB Bank, United Bank Limited and the Bank of Punjab were among top 30 volume leaders.
Nishat Power was the volume leader with 10.12 million shares losing Rs0.36 to finish at Rs13.17. It was followed by Amtex Limited with 9.93 million shares gaining Rs0.55 to close at Rs7.58 and Lotte Pakistan PTA with 8.54 million shares increasing Rs0.11 to close at Rs10.3.
Published in The Express Tribune, October 23rd, 2010.
Stocks ended at a six-month high on Friday as local investors became active in the wake of corporate results amid continued foreign interest.
The Karachi Stock Exchange benchmark 100-share index rose 0.89 per cent or 93.74 points to end at 10,652.48, its highest close since April 19.
Positive development on the economic front with foreign reserves touching a record high of $17.1 billion boosted sentiment in early trade, said Elixir Securities analyst Mohammad Rameez.
The current account recorded a surplus of $447 million in September compared with a deficit of $372 million in August, the central bank reported earlier this week.
Moreover, the news that coalition partners have reached an understanding to forge a working relationship to overcome the deteriorating law and order situation in the metropolis helped restore investor confidence as political uncertainty eased, said Crosby Securities analyst Ovais Iqbal.
Talk that the finance ministry will approve the margin trading system soon also lifted investor sentiment, added Iqbal.
Volumes rose to a four-month high of 160.34 million shares compared with Thursday’s tally of 153.75 million.
The value of shares traded during the day was Rs5.6 billion.
Foreign investors have bought net shares worth $33.56 million this month.
Banking sector scrips remained in the limelight as six banks namely National Bank of Pakistan, Bank Alfalah, Silkbank, MCB Bank, United Bank Limited and the Bank of Punjab were among top 30 volume leaders.
Nishat Power was the volume leader with 10.12 million shares losing Rs0.36 to finish at Rs13.17. It was followed by Amtex Limited with 9.93 million shares gaining Rs0.55 to close at Rs7.58 and Lotte Pakistan PTA with 8.54 million shares increasing Rs0.11 to close at Rs10.3.
Published in The Express Tribune, October 23rd, 2010.