The local share market maintained the rising tempo on last trading day of the week and the index crossed 4500 level, with banking stocks performing very well on reports of NIT meeting. The LSE-25 index gained 37.27 points to finish at 4515.96 points as compared with 4478.69 points of Thursday.
Turnover, however, retreated to 31.684 million shares from 40.555 million, showing a decline of 8.870 million shares. The market took a positive start and remained in the bullish zone ignoring the protest on hearing of case against the CJ by the Supreme Judicial Council.
The market took a sharp turn in upward direction in the second session when brokers came to know about the NIT meeting, analysts said. The LSE index again crossed the 4500 level and, according to analysts, if the market sustained, it will be moving towards new peaks. On Friday, Allied Bank and PSO were the star performers while Arif Habib Securities Ltd, and Standard Chartered Bank emerged as the major losers.
On Friday, almost all sectors played well and helped the market consolidate despite the factor of hearing of the CJ case, law and order problem in Parachannar, issue of Lal Masjid, trade deficit and current account deficit etc, Ahemd Nabeel, head of operations, Invest and Finance Securities Ltd, said. Due to the NIT meeting factor, the banks and other scrips having stake in the unit surged significantly.
They included Bank of Punjab, Faysal Bank, National Bank, PSO and Pakistan Reinsurance. About outflow of US $88 million from Sacra, he said that of this total figure $59 million were taken out from Singapore after maturity of TFCs.
On Friday, the KSE ended at its eight-time high level at 11,978 points.
The historical high index of KSE was recorded at 12273.82 points on January 17, 2006, he pointed out. The KSE index is just 300 points away form its new historical high level, he said. In last two weeks, the market has gained 6.27-percent in terms of index and 63-percent in term of volume. The market capitalisation increased to US $54 billion from US $47 billion (30th March 2006), Ahmed Nabeel pointed out.
Out of a total of 136 scrips, 33 were up, 27 declined while 76 were intact to their previous levels. Among major gainers, Allied Bank was up Rs 5.50, PSO Rs 3.00, Askari Commercial Bank Rs 2.60, Bank of Punjab Rs 2.55 and National Bank Rs 2.00. In negative column, Arif Habib Securities Ltd, shed Rs 7.90, Standard Chartered Bank Rs 3.05, Honda Atlas Cars Rs 2.75, Adamjee Insurance Rs 1.90 and Engro Chemical Rs 1.60. Bank Alfalah and Bank of Punjab were the volume leaders with 4.252 million shares and 4.142 million shares, respectively.
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