Fresh buying raises KSE index
Tuesday, 8 June 2010
KARACHI, June 7 (Business Recorder): The approval of margin financing and CFS triggered fresh buying at Karachi stock market during the week ended on june 5 and KSE-100 index gained 115.73 points to close at 9,636.88 points.
"The market witnessed healthy recovery during theweek after a massive fall of 10.6 per cent in May 2010", analysts said.
However, the budget related uncertainties reflected in trading volume with the average daily turnover at ready counter being 101 million shares as compared to previous week's 103 million shares.
Market capitalisation increased by Rs 32 billion to Rs 2.725 trillion. On Monday, the market opened on a negative note and the index declined by 194.73 points to close at 9,326.42 points level with 60.515 million shares turnover.
Approval of margin financing by the law ministry, and rumours related to the capital gains tax and CFS product approvals also enabled the positive activity in the market. Bullish activity continued Thursday, as institutional buying in blue chip items i.e. banks, oil and fertilisers drove the KSE-100 up 122 points.
"The market witnessed healthy recovery during theweek after a massive fall of 10.6 per cent in May 2010", analysts said.
However, the budget related uncertainties reflected in trading volume with the average daily turnover at ready counter being 101 million shares as compared to previous week's 103 million shares.
Market capitalisation increased by Rs 32 billion to Rs 2.725 trillion. On Monday, the market opened on a negative note and the index declined by 194.73 points to close at 9,326.42 points level with 60.515 million shares turnover.
Approval of margin financing by the law ministry, and rumours related to the capital gains tax and CFS product approvals also enabled the positive activity in the market. Bullish activity continued Thursday, as institutional buying in blue chip items i.e. banks, oil and fertilisers drove the KSE-100 up 122 points.