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KSE rises 72 points on delay in SC hearing

09 August, 2012

KARACHI: The Karachi stock market witnessed a bullish trading session on Wednesday as further delay in Supreme Court's hearing coupled with rally in fertilizer and exploration companies helped the index to settle above 14,700 points level.

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KARACHI: The Karachi stock market witnessed a bullish trading session on Wednesday as further delay in Supreme Court's hearing coupled with rally in fertilizer and exploration companies helped the index to settle above 14,700 points level.

The Karachi Stock Exchange (KSE) 100-share index gained 71.90 points or 0.49 percent to close at 14,744.14 points as compared to 14,672.24 points of the previous session. The KSE 30-share index was up by 66.85 points to close at 12,692.31 points as compared with 12,625.46 points.

"Stocks closed bullish amid institutional interest in blue chips ahead of major earnings announcements," said Arif Habib Corporation Director Ahsan Mehanti. "Recovery in global stocks and strong earnings outlook played a catalyst role in the bullish activity despite concerns over circular debt in the energy sector and power outrages for industrial sector."

The market turnover went up by 89.47 percent and traded 85.19 million shares after opening at 44.96 million shares. The overall market capitalisation gained 0.42 percent and traded Rs 3.763 trillion as against Rs 3.747 trillion. Gainers outnumbered losers 183 to 81, while 27 stocks were unchanged.

"Further delay in the court's hearing on writing a letter to reopen Swiss cases against President Asif Ali Zardari coupled with rally in the fertilizer and exploration companies helped the index to settle above 14,700 points level," said Topline Sec equity dealer Samar Iqbal. "The Karachi Electric Supply Company (KESC) with its surprising profits of June FY 2012 remained the volume leader with 18 million shares and share price rose by 81 paisas."

The KMI 30-share index was up by 158.95 points to close at 25,643.28 points from its opening at 25,484.33 points. The KSE all-share index closed with a gain of 50.11 points to 10,373.16 points as against 10,323.05 points.

"Led by gains in banks stocks and duly followed by fertilizer and cement stocks the market continued to beat the bullish drums," said Escorts Capital Chief Operating Officer Hasnain Asghar Ali. "Healthy payouts mainly on cash dividends in frontline stocks will keep the resident participants active, keeping the likelihood of rise and shine very much in place."

KESC was the volume leader in the share market with 18.31 million shares as it closed at Rs 4.49 after opening at Rs 3.68, gaining 81 paisas. Dera Ghazi Khan Cement traded 6.16 million shares as it closed at Rs 47.26 from its opening at Rs 46.32, rising 94 paisas. Maple Leaf Cement traded 5.16 million shares and closed at Rs 7.28 as compared to its opening at Rs 6.86, surging 42 paisas. Lafarge Pakistan traded 4.38 million shares as it closed at Rs 4.74 as against its opening at Rs 4.65, increasing Rs 1.09.

End.


 
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