Index sees negligible gains

KARACHI — The KSE 100-share index was yesterday tossed between deal or no deal between President Mushrraff and Benazir Bhutto at their Dubai meeting and failed to establish any definite price pattern amid alternate bouts of buying and selling.

By Our Correspondent

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Published: Tue 31 Jul 2007, 8:54 AM

Last updated: Sat 4 Apr 2015, 10:23 PM

After wide erratic movements which went both ways, it hit the session's high and low at 13,667.92 and 13,554.19 respectively and finally finished with a fractional rise of 3.58 points at 13,634.08 as compared to 13,630.50 at the last weekend.

The market's terribly cautious mood followed conflicting reports about the outcome of the Dubai meeting was also well reflected in the turnover figure, which fell to the year's low at 163 million shares as leading investors and financial traders kept to the sidelines and as did foreign buyers.

"The most optimistic among the investors were of the opinion that a broad accord has been reached on major national issues between the two and it may be formally signed into a deal during the next couple of weeks," analysts said.

But the pessimists think it may not be that easy for the both to meet each other's demands, some of which relate to constitutional amendments and court proceedings,they added "the most important among them being doffing off the uniform".

"But I think the widely speculated deal may not end the prevailing political uncertainty as other contenders of power are opposed to it, which could lead to fresh agitation," said a leading analyst.

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