Share index posts fresh increase

KARACHI — Pakistani stocks closed the weekend session on a bullish note as a section of punters and foreign investors continued to build-up long positions on selected counters at the current levels took profits at the higher levels.



By Our Correspondent

Published: Sat 14 Apr 2007, 8:34 AM

Last updated: Sat 4 Apr 2015, 9:06 PM

The KSE 100-share index posted a fresh gain of 71.82 points at 11,977.74 as compared to 11,905.92 a day earlier but earlier attempted rallies initiated by the bulls failed to push it to the pre-determined target of 12,000.00. The KSE 30-share index followed suit in the same manner and ended higher by 78.71 points at 14,908.77 points.

The notable feature was that Standared Chartered Bank made a firm debut and was last quoted at Rs57.65 after opening at Rs16.00 against the face value of Rs10.00 on 13 million shares.

“Most of the leading investors are, however, worried over the developing situation on the terrorist front in the backdrop of president's warning of withdrawal as a front line country if the US media continued to make adverse comments on the Pakistan's role in it,” said a leading analyst.

But some others said the battle of wits on the issue will continue in future too but the market has its own guidelines and will judiciously follow them even during the next week.

Analysts attributed the relative calm partly to resumption of hearing on presidential reference against the supreme court chief justice in the supreme Judicial council and uncertainty about the proceedings and partly to fears of law and order situation owing to protests by the lawyers and the political parties.


More news from Business