Trading starts on a dull note

KARACHI — Trading on the Karachi Stock Exchange yesterday resumed on an insipid note as there was no evidence of anticipated buying euphoria linked to lifting of the emergency, analysts said.

By Our Correspondent (KSE WEEKLY)

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Published: Tue 18 Dec 2007, 10:10 AM

Last updated: Sat 4 Apr 2015, 9:40 PM

“I don't see the pre-eid holiday mood has gripped investors and they are more interested to have an overview of the market of sacrificial animals rather than the share business,” said a leading analyst Faisal Abbas "instances of strong selective support were not lacking."

The KSE 100-share index on the other hand early rose by 79 points from the previous close but failed to sustain it on selling in the leading base shares and finished lower with a modest fall of 12.31 points at 15,544.22 points.Its junior partner on the other hand showed a fractional decline of 3.40 points at 17,412.24.

The investors had already made necessary portfolio adjustments after the announcement of date for lifting of the emergency during the last two weeks and did not make fresh investments owing partly to a long weekend ahead on account of eid holidays,said a leading stock analyst Ashraf Zakaria.

A good number of weakholders and jobbers were among the sellers for obvious reasons as they wanted to get out of the market well before the eid holidays.

“No one is inclined to take financial risks as any thing could happen during the coming holidays”,he said adding” however,the market is expected to witness flutters here and there during the last week of the fading year,having more than one records both in terms of index level and price flare-ups.”

Higher corporate earnings, attractive lower levels reached by some of the leading shares and expectations of strong presence of foreign investors could push the market to new highs during the coming weeks, some others said.

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