• Home
• /
• Business

Index crosses 15,000 points

It touched its career-best level so far at 15,035.11 points, up by 142.39 points from the overnight close of 14,829.58 as buying euphoria in oil and bank shares was further intensified despite not so encouraging news from the political front as far as formation of government was concerned.

Arif Habib Securities, National Bank, OGDC, MCB and some others were among the major contributors to its meteoric rise during the post-election trading week.

The index has, during the last about six weeks,recovered about 1,700 points or about 11 per cent, as it is now ruling well above the pre-Benazir Bhutto assassination level in late December last year.

The market capital soared to Rs4.606 trillion or $74 billion, a record level hit so far in the trading history of the KSE.

"Instances of strong presence of foreign fund buying are not wanting," said a leading analyst "Their presence lends credence to a loud whispering that the transfer of power may be smooth."

The perception of confrontation between the president the winning political parties may fade despite the rigid positions taken by some of them on the issue of restoration of judges and quit Musharraf demand, they said.

But some others said the possibility of a standoff between the president and some of the winners is there as both have taken rigid stand on the issue of judges and the resignation and investors should play safe and should not ride the current wave of optimism.

Among the top gainers, Siemens Pakistan and Unilever Pakistan Foods were leading, up by Rs69.90 and 69.00, while Nestle Pakistan and Rafhna Maize were prominent among the losers, off by Rs80.00 and 49.00.

Trading volume rose to 398 million shares,about year's high as compared to 359 a day earlier as gainers held a comfortable lead over the losers at 198 to 147, with 44 shares holding on to the last levels.

Askari Bank led the list of actives,steady by 40 paisa at Rs103.75 on 37 million shares followed by Arif Habib Securities, up Rs4.30 at Rs186.50 on 31 million shares, National Bank, higher by Rs7.15 at Rs266.80 on 27 million shares, OGDC, up by Rs1.60 at Rs129.70 on 26 million shares, Hub-Power, firm by 30 paisa at Rs33.25 on 19 million shares.

DG Khan Cement followed them, higher by Rs3.95 at Rs106.45 on 18 million shares, Arif Habib Bank, steady by Rs1.40 at Rs29.50 on 17 million shares and Lucky Cement, up Rs1.25 at Rs128.80 on 12 million shares.