Index recovers from overnight loss

KARACHI — Pakistani stocks yesterday were back on the rails boosted by active short-covering in the leading oil and banking shares at the lower levels as broader market showed signs of revival of activity after the recent sluggishness.

By From A Correspondent

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Published: Thu 27 Sep 2007, 8:57 AM

Last updated: Sat 4 Apr 2015, 11:45 PM

"I don't rule the possibility of revival of foreign demand on both the counters," said an analyst adding "only foreign buyers could take risk on some positive leaks ahead of the apex court verdict on the president's dual office any day."

The newly-listed Habib Bank,which has been under pressure since it came on the ready board on Monday at Rs.305.00 and had fallen by Rs.30.00 duirng the last two sessions, led the market advance aided by National Bank, Bank AlFalah, and MCB.

Habib Bank though fell well below the session's peak level of Rs.284.50 at Rs.280.50, recovered Rs.5.20 from the overnight losses.

The KSE 100-share index was quoted higher by 73.24 points at 13,270.28 as compared to 13,197.04 a day earlier, bulk of which was contributed by the MCB, OGDC, National Bank and Engro Chemical. The 30-share index ended higher by 103.79 points.

Floor brokers said falling volume showed that there is much more at risk at this stage to invest in shares even though most of them ensure higher capital gains.

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