KSE index gains 72.75 points
Tuesday, 20 April 2010
KARACHI, Apr 19 (Business Recorder): The Karachi share market witnessed positive trend and KSE-100 index gained 72.75 points during the week ended on April 18. The KSE index closed at 10,659.21 points from 10586.46 points. Average daily volume increased to 257 million shares from 252 million shares of previous week.
Market capitalisation increased by Rs 24 billion to Rs 3.017 trillion from Rs 2.993 trillion. The 5 scrips including AICL, POL, OGDC, BAFL, and PSO cumulatively represented 51 percent of total open interest during the week.
Analysts attributed positive trend to increased foreigners' interest in the market along with the news regarding the 5th IMF tranche to be received soon. Forex reserves having reached $15 billion also supported investor interest in the market.
"Investors' interest at the KSE reached new highs and daily volume crossed 405 million shares Thursday after a period of 197 days," said Abdul Azeem, analysts at InvestCap.
Similarly, on the same day the KSE-100 index showed an even better trend where the index closed at 10,677 points, the highest closing after 10,919 points attained 20 months earlier on August 19, 2008, he added.
On Monday, the market witnessed correction of 29.27 points and closed at 10,557.19 points level, mainly due to profit taking opted by market players. The market opened on a positive note and the index hit 10,636.79 points high, up 50.33 points.
On Tuesday, the KSE-100 index lost 50.99 points to close at 10.506.20 points with low volume due to investors' cautious stance due to uncertainty on political front and declining oil prices in the international market.
Market capitalisation increased by Rs 24 billion to Rs 3.017 trillion from Rs 2.993 trillion. The 5 scrips including AICL, POL, OGDC, BAFL, and PSO cumulatively represented 51 percent of total open interest during the week.
Analysts attributed positive trend to increased foreigners' interest in the market along with the news regarding the 5th IMF tranche to be received soon. Forex reserves having reached $15 billion also supported investor interest in the market.
"Investors' interest at the KSE reached new highs and daily volume crossed 405 million shares Thursday after a period of 197 days," said Abdul Azeem, analysts at InvestCap.
Similarly, on the same day the KSE-100 index showed an even better trend where the index closed at 10,677 points, the highest closing after 10,919 points attained 20 months earlier on August 19, 2008, he added.
On Monday, the market witnessed correction of 29.27 points and closed at 10,557.19 points level, mainly due to profit taking opted by market players. The market opened on a positive note and the index hit 10,636.79 points high, up 50.33 points.
On Tuesday, the KSE-100 index lost 50.99 points to close at 10.506.20 points with low volume due to investors' cautious stance due to uncertainty on political front and declining oil prices in the international market.