Market ignores crisis, gains 219 points

KARACHI - The Karachi Stock Exchange set aside the crisis prevailing in the country and gained 218.94 points on Wednesday. The KSE-100 index closed at 5815.43 points as the institutions and major investors took fresh positions while anticipating quick return from the stock markets as the equities had fallen to very attractive level for buying. On Wednesday, the KSE received fresh investment of 3.99 billion rupees. The volume of KSE-100 index also surged to 139.53 million shares on Wednesday, showing 84.26 per cent over 75.73 million shares traded in previous session. Wednesday was the day of gainers at the stock market. Out of 283 companies active at KSE, 213 gained value, 59 lost while the worth of the shares of 11 companies remained unchanged. The stock market suffered two major shocks after the disqualification of PML(N) leaders and attack on the Sri Lankan cricketers and these jolts triggered selling pressure which made the equities attractive for buying, a broker said. The volume leaders of KSE were OGDC 9.726 million shares, Bank Afalah 7.799 million shares, Zeal Pak 7.492 million, Jahangir Siddiqui Co 6.492 million, Fauji Fertiliser Bin Qasim 5.554 million, National Bank 5.259 million, Hub Power 3.944 million, DGK Cement 3.742 million, PTCL 3.668 million, Netsol 3.63 million, Azgard Nine 3.208 million while United Bank's 2.947 million shares were traded on Wednesday. The major gainers at the KSE were Pakistan Petroleum Limited gained 7.02 rupees per share and its value increased to 148.93 rupees, Pak Oilfields gained 5.84 rupees value, closing at 122.65 rupees. MCB Bank 6.15 rupees and its value increased to 129.31 rupees. OGDC gained 2.57 rupees closing at 57 rupees while United Bank improved by 2.06 rupees and its share edged up to 43.26 rupees. The value of the share of Engro Chemical also improved by 5.36 rupees and it closed at 108.20 rupees. Market analysts said that the institutions and investors opted for buying in view of the fact that the equities had fallen to very profitable level on short-term basis. They said that the investors would off-load the shares in next few days when the equities would gain more value. The stock market was under selling pressure in the wake of renewed tug of war between the PPP and PML(N) after the disqualification of Nawaz Sharif, Shahbaz Sharif and attack on the Sri Lankan cricketers. However, the involvement of the financial institutions, fund houses and major investors lifted the KSE on Wednesday that covered the losses the investors had suffered in last four trading sessions. Brokers said that patch-up between the PPP and PML(N) was imperative to improve the economic activity and to stabilize the stock market. If both the parties continued to follow the strategy of agitation and rift, the economy and the political set-up of the country would suffer a major setback.

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