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| News and Updates |
| Karachi stocks close higher as index increases 17 points - Sep 30, 2011 15:02:12 |
KARACHI: The Karachi stock market closed higher on Thursday as positive remarks from the White House spokesman refusing to endorse US Admiral Mullen’s allegation that ISI is supporting the Haqqani network propelled investors to take positions.
The Karachi Stock Exchange (KSE) 100-share index gained 16.77 points or 0.14 percent to close at 11,642.46 points as compared to 11,625.69 points of the previous session. The KSE 30-share index shed 5.55 points to close at 11,133.90 points as compared with 11,139.45 points.
“After two days of upsurge of 3.2 percent the equity values stabilised,” said Topline Sec analyst Samar Iqbal. “Investors offloaded their holdings in the oil sector due to weakening international oil prices.”
Some profit-taking was also witnessed in fertilizer stocks, he said and added that renewed buying interest was seen in Lucky in anticipation of better first quarterly results.
The market turnover fell 8.94 percent to 80.55 million shares from its opening at 87.38 million shares. The overall market capitalisation rose 0.03 percent to close at Rs 3.071 trillion as against Rs 3.068 trillion. Gainers outnumbered losers, 141 to 136, while 81 stocks were unchanged.
“Stocks finished higher at KSE after positive remarks from White House spokesman refusing to endorse US admiral’s claims,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Higher local fertilizer and cement prices invited institutional interest.”
India’s support for Pakistan’s EU waiver package in World Trade Organisation, stable global capital markets and expectations of favourable State Bank’s policy announcement next week played a catalyst role in the positive close at KSE.
The KMI 30-share also shed 26.02 points to close at 21,148.29 points after opening at 21,174.31 points. The KSE all-share index closed with a gain of 12.13 points to 8,074.51 points as against 8,074.51 points.
“With regional and international commodities and equities signaling nervousness, the market men, ahead of APC stayed in a cautious mood,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “Positive outcome of the recent visit of Pakistan’s commerce minister to India, suggesting likely increase in trade value to $6 billion along with confirmation on India’s support for Pakistan in EU on enhancing and facilitating Pakistan’s exports invited renewed activity in cement and textile stocks.”
PTCL was the volume leader in the share market with 16.93 million shares as it closed at Rs 11.35 after opening at Rs 11.27, gaining eight paisas. Fatima Fert Co traded 8.96 million shares as it closed at Rs 18.38 from its opening at Rs 18.65, rising 27 paisas. Lucky Cement traded 5.66 million shares as it closed at Rs 74.95 as against its opening at Rs 72.56, increasing Rs 1.39. Soneri Bank Ltd traded 3.47 million shares as it closed at Rs 4. 74 as compared to its opening at Rs 4.40, appreciating 34 paisas. |
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