Bullish trend continues

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THE NATION, KARACHI, 21st SEPTEMBER 2013:- Stable Pak rupee further strengthened investors’ sentiment. Continuous buying interest in banks and oil stocks helped local bourse to gain 0.5 per cent further.
The benchmark KSE 100-share index added 138.63 points or 0.59 per cent to close the last day of trading week at 23595.61 points compared to 23456.98 points.
Analyst Ahsan Mehanti at Arif Habib Corporation said bullish activity was led by oil and fertilizer stocks on strong valuations.
Renewed foreign interest, higher global stocks and commodities after Fed decision favoring US stimulus program and easing political concerns after political leadership patch up to deal with security unrest in the city played a catalyst role in bullish activity at KSE amid consolidation on concerns for falling rupee dollar parity and rising current account deficit which stood over $632m for July/Aug ‘13.
KSE allshare-index went up by 89.79 points or 0.53 percent to stop the day at 16920.98 points, KSE 30-share index extended by 116.36 points or 0.65 percent to conclude the day’s trading at 18072.41 points while KMI 30-share index enlarged by 268.37 points or 0.69 per cent to finish the session at 39277.60 points.
Out of 342 companies, 183 closed in positive and 141 in negative while the values of 18 stocks remained intact. Upward trend was led by Wyeth Pak Limited with the addition of Rs 182 to Rs 3822, followed by Colgate PalmoliveXDXB, up by Rs 45 to Rs 1595. Island Textile and Treat Corporat were the biggest losers of the day, decreased by Rs 33.87 to Rs 930 and Rs 9.50 to Rs 191.11.
WorldCall Telecom led the active list with 39.915 million shares, up by Re 0.57 to Rs 3.08. PTCLA was on the second position with 30.702 million shares, grew by Rs 1.28 to Rs 27.45. It was followed by BOP with 15.130 million shares, shed Re 0.35 to Rs 12.75, National Bank with 14.635 million shares, off by Re 0.47 to Rs 54.61 and Telecard Limited with 10.793 million shares, higher by Rs 1 to to Rs 5.69.
In weekly review, equity dealer Samar Iqbal said improving global equity markets and interest in banking sector helped Karachi Stock exchange to gain 2% to close at 23,595.61.
Volumes however saw a meager decline of 7% to Rs.8.4bn. After the increase in policy rate market witnessed volatile sessions. Slide of Pak rupee also cautioned investors despite some stability by the end of the week.

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