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KSE-100 index reaches all time highest level

13 July, 2007

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KARACHI: Across-the-board buying was witnessed at the local share market on Thursday as the benchmark KSE-100 index closed at its highest ever level of 14,131.28 points with a net gain of 163.88 points on the back of fresh fund injection both by the foreign and local investors.

The market capitalisation also reached its all time high level of Rs 4.182 trillion, up by Rs 61 billion. On the other hand, the parallel free float market capitalisation-based KSE-30 index surged by 171.46 points to close at 17,130.48 points level. The market started on positive note and the KSE-100 index hit 14,168.74 points intra-day high level, which was also its all time intra-day high level.

Trading activity also improved as the ready market volume increased to 463.602 million shares as compared to 370.359 million shares traded a day earlier.

The futures market turnover also increased to 58.794 million shares against 51.635 million shares previously. Trading took place in 419 scrips, out of which 298 scrips closed in positive column and 88 scrips in negative column while the value of 33 scrips remained unchanged.

TRG was the star performer with 25.143 million shares and the scrip surged by Rs 0.15 to close at Rs 16.60 followed by Pak PTA Limited, which gained Rs 0.10 to close at Rs 6.90 with a total volume of 23.585 million shares. WorldCall Telecom also remained active with 19.405 million shares and increased by Rs 0.10 to close at Rs 19.35.

Arif Habib Sec continued its momentum and the scrip surged by Rs 7.50 to close at Rs 157.65. JOV & Co gained Rs 11.95 to close at Rs 294.40. Nishat Mills increased by Rs 6.10 to close at Rs 132.60. In banking sector, NBP and Saudi Pak Bank gained Rs 6.35 and Rs 0.55 to close at Rs 267.35 and Rs 28.90 respectively. In the other top 10 volume leaders, Dewan Cement surged by rupee one to close at Rs 11.25 and Fauji Fertiliser Bin Qasim gained Rs 0.30 to close at Rs 43.05.

Siemens and Colgate Palmolive were the highest gainers with Rs 55 and Rs 18.90 gains to close at Rs 1,665 and Rs 503.95 respectively, while Unilever and Nestle Pakistan were the highest losers, losing Rs 44 and Rs 20 to close at Rs 2,380 and Rs 1,548 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that across the board buying was witnessed at the share market. Foreign investment continued mainly in Telecom sector.

The increasing oil prices in the international market was another positive sign, which invited fresh buying, as the improved law and order situation in Islamabad restored the investors' confidence to take fresh positions.

The successful road shows in London and New York, organised by the CDC to showcase Pakistan's equity market internationally, was another positive sign which encouraged the investors to invest with good expectations.

Kamran Naqvi, head of Equity Trade at Atlas Capital Markets, said that improved law and order situation in Islamabad contributed in restoring confidence of the investors. Attractive price levels in PTC, Nishat Mills, PSO and HUBCO triggered good accumulation.

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