Index consolidates well above 14,000-point barrier

KARACHI — Pakistani stocks yesterday finished with an extended gains on a broad front followed by active follow-up support originating from all the counters including some foreign ones.

By Our Correspondent (KSE REPORT)

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Published: Thu 6 Dec 2007, 8:55 AM

Last updated: Sat 4 Apr 2015, 9:34 PM

The KSE 100-share index consolidated well above the barrier of 14,000 points at 14,137.83 as compared to previous 14,036.44 points, up 101.39 points or 0.72 per cent as leading base shares came in for renewed buying and ended with fresh gains. The 30-share index rose by 83.03 points at 16,949.08 points.

Some analysts said its snap fall from the coveted level of 15,000 points last month, which it missed by only 28 points could well prove its base to cross it after the revival of year-end buying before the year is out.

"If one goes by the political scenario, there is no convincing reason to indulge in the share business,” analyst Ahsan Mehanti thinks but if one follows the market fundamentals there are more than one reasons to buy at the current levels".

Indications are that the dust raised on the political issues some genuine and some motivated. However, it is expected to settle down prior to the elections on January 8, 2008 and perhaps that is the perception shared by leading investors, which evoked covering purchases, Ashraf Zakaria, another leading analyst said.

Bulk of the covering operations remained confined to cement, banking and oil counters but the interesting feature of session's relatively brisk activity was strong buying in the low-priced shares for future capital gians.

JS Bank, Unity Modaraba, Al Abbas Cement and pervez Ahmed Securities were notable among them,which ensure handsome capital gains if the current run-up was sustained in the coming weeks also.

Plus signs again dominated the list under the lead of Siemens Pakistan and Wyeth Pakistan, up by Rs36.00 and 100.00, while losers were led by Grays of Cambridge and Pakistan Engineering, off by Rs10.00 and 10.45.

Trading volume showed a sharp expansion at 274 million shares from the previous 195 million shares as gainers held a strong lead over the losers at 225 to 130, with 44 shares holding on to the last levels.

JS Bank again topped the list of most actives,unchanged at Rs20.00 on 25 million shares followed by Arif Habib Securities, higher by Rs5.45 at Rs173.40 0n 22 million shares, Bank of Punjab, firm by Rs3.75 at Rs101.95 on 21 million shares.

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