KSE index gains 146.43 points
Tuesday, 22 December 2009
KARACHI, Dec 21 (Business Recorder): The KSE-100 index gained 146.43 points to close at 9,183.73 points level during the week ended on December 19, 2009. Trading activities at the ready counter also improved significantly as the average daily volumes at ready counter increased by 67 per cent to 162 million shares.
Market capitalisation increased by Rs 33 billion to Rs 2.646 trillion. "The week started on a positive note, responding to Abu Dhabi $10 billion bailout package for Dubai and the US Senate's approval of $1.5 billion aid for Pakistan", analysts said.
The Supreme Court's verdict on the NRO provided some clarity on the political front. However, its continued media and public speculation about the fate of beneficiaries caused the market to be somewhat erratic, they added.
Angela Memon, an analyst at JS Global Capital said that after initial anxiety, political risk subsided on the government's calm reaction to the NRO verdict. Subsequent speculation on the President's immunity and the possible fate of ex-beneficiaries caused the market to be volatile.
The Current Account deficit shrunk 81 percent on year-on-year basis to $1.36 billion, while forex reserves remained stable at $13.5 billion. IMF's $1.2 billion tranche due shortly is expected to boost reserves further.
On the flip side, the five months FY10 Foreign Investment fell by 25 per cent on yearly basis and the rupee depreciated to a record low of USD/PkR84.50.
Market capitalisation increased by Rs 33 billion to Rs 2.646 trillion. "The week started on a positive note, responding to Abu Dhabi $10 billion bailout package for Dubai and the US Senate's approval of $1.5 billion aid for Pakistan", analysts said.
The Supreme Court's verdict on the NRO provided some clarity on the political front. However, its continued media and public speculation about the fate of beneficiaries caused the market to be somewhat erratic, they added.
Angela Memon, an analyst at JS Global Capital said that after initial anxiety, political risk subsided on the government's calm reaction to the NRO verdict. Subsequent speculation on the President's immunity and the possible fate of ex-beneficiaries caused the market to be volatile.
The Current Account deficit shrunk 81 percent on year-on-year basis to $1.36 billion, while forex reserves remained stable at $13.5 billion. IMF's $1.2 billion tranche due shortly is expected to boost reserves further.
On the flip side, the five months FY10 Foreign Investment fell by 25 per cent on yearly basis and the rupee depreciated to a record low of USD/PkR84.50.