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The KSE-100 index gained 274.35 points during week ended on March 29, 3008 to close at 15,268.22 points on the back of political stability and SECP decision to modify margining system for CFS Mk-II.
"Political stability seemed to be returning after taking oath of new Prime Minister and the new cabinet is likely to be announced soon," analysts said, and added that positive developments on political front invited healthy buying at the share market during the outgoing week.
The free float market capitalisation-based KSE-30 index surged by 391.34 points and settled at 18,704.20 points level. The average daily volume of ready market increased by 4.5 percent to 233.089 million shares from 223.135 million shares traded during the previous week.
Average daily turnover of futures market increased by 33.8 percent to 89.833 million shares against 65.251 million shares previously. Market capitalisation surged by Rs 80 billion to Rs 4.666 trillion.
The market opened on a positive note on Monday and the KSE-100 index breached through 15,000 level and surged to 15,182.38 points level with a gain of 188.51 points, while the KSE-30 index increased by 196.51 points to close at 18,509.37 points level.
On Tuesday, the market witnessed some pressure and the KSE-100 index lost 59.62 points to close at 15,122.76 points level while the KSE-30 index declined by 64.54 points to settle at 18,444.83 points level. On Wednesday, the market took upward trend and the KSE-100 index surged by 76.10 points to close at 15,198.86 points level while the KSE-30 index gained 142.86 points to close at 18,587.69 points level.
The bullish trend continued on Thursday and the KSE-100 index hit new high level of 15,274.53 points with a gain of 75.67 points, while the KSE-30 index increased by 182.95 points and settled at 18,770.64 points. The market witnessed mixed trend on Friday and the KSE-100 index closed slightly lower at 15,268.22 points, down by 6.31 points, while the KSE-30 index lost 66.44 points and settled at 18,704.20 points level.
Usman Zahid, analyst at JS Global Capital, said that SECP decision to continue the current CFS market for 41 scrips till June 30 at a cap of Rs 55 billion and the cash margin requirement under CFS Mk-II waived up to a cap of Rs 85 billion, helped resolved one of the major concerns of brokers and invited fresh buying at the share market. Besides, political stability seemed to be returning as the new Prime Minister, Yousuf Raza Gilani, took oath.

Copyright Business Recorder, 2008

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