Stocks extend weekend rally

KARACHI - Trading on the Karachi stock market yesterday resumed on a higher note what dealers called the extension of the weekednd snap rally but analysts said higher corporate announcements appears to be the chief driving force behind the extended run-up.

By Our Correspondent (KSE Report)

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Published: Tue 29 Apr 2008, 9:19 AM

Last updated: Sun 5 Apr 2015, 11:45 AM

The KSE 100-share index closed with an extended gain of 44.48 points at 15,479.22 as compared to 15,434.74 at the last weekend.

Earlier in the session it the session's peak level at 15,595.13 points and sustained it towards the close until late selling pushed it down to close lower.

The fact that the index had judiciously sustained,over the last couple of weeks, its newly established base above 15,000 points reflects that it could rise further to its new target supported by positive news from the political and corporate fronts.

'The budget is still five weeks away possibly in the first week of June, most of the feelers originating from the relevant quarters about taxing the share business,the investor morale was high,' said a leading stock analyst Faisal A.Rajabali said.

The higher opening despite some negative news notably reopening of the market crash of Mach 2005 probe report by the finance committee,which wiped out Rs.700 billion from the savings of small investors and delay in the announcement of restoration of superior judiciary to the November 3 position, investors seem to be inclined to go by the market fundamentals atleast for the time rather than any other immediate depsressant,analysts said.

Higher interim dividend by OGDC and Fauji Fertiliser at 22.5 per cent and 35 per cent respectively and some others did encourage fresh buying, keeping the market in a good shape despite late selling on some of the counters.

Interim results and EPS from some of the leading banks including Askari,Allied and United Bank were on the lower side of the analysts but failed to have a negative impact on the overall market trend perhaps owing to higher return to its shareholders by the Bank Al Falah.

Working results from some other leading companies are due and indications are that the market could sustain the current levels despite some negative news from the political front.

Siemens Pakistan and unilever Pakistan were leading among the gainers higher by Rs.22.00 and 40.00,while losers were led by National Foods and Rafhan Maize, off Rs.20.00 and 100.00 respectively.

Traded volume showed a modest increase at 267m shares from the previous 260m shares as gainers held a slight edge over the losers at 170 to 159,with 33 shares holding on to the last levels.

Bank of Punjab whose chairman was removed late last week,topped the list of actives, up 35 paisa at Rs.62.05 on 18m shares, followed by Pakistan Oilfields, sharply higher by Rs.14.50 at Rs.427.50 also on 18m shares, Bank AlFalah, higher by Rs.1.20 at Rs.57.70 on 17m shares, JS Bank, easy by 10 paisa at Rs.22.90 on 14m shares, Pakistan Petroleum, higher by Rs.6.07 at Rs.278.52 on 12m shares, OGDC, lower by 20 paisa at Rs.138.50 on 12m shares, Arif Habib Securities, firm by Rs.2.60 at Rs.185.40 on 9m shares and Nishat Mills, higher by Rs. 5.20 at Rs.133.30 on 8m shares.

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