The business at the futures counter at Karachi Stock Exchange (KSE) during the last week showed a healthy growth, registering an increase of 6.9 percent, while the value traded also increased by 12.4 percent. During the preceding week, nearly 223 million contracts worth Rs 17,908 million changed hands with most of the activity focused at oil and gas market companies, banks and securities and cement sectors.
Volume leader during the week was PPL, contracts for the current month (November) recording a business of 46.53 million shares, OGDC 30.07 million shares, PTCL 23.01 million shares, D.G. Khan Cement 16.15 million shares and Bank of Punjab 14.07 million shares.
In terms of value, the futures counter was spearheaded by Union Bank which posted an increase of 11 percent to 30.55 rupees, Maple Leaf 8.9 percent to 33.10 rupees, Picic Growth Fund 8.25 percent to 46.60 rupees, Lucky Cement 8.16 percent to 36.30 rupees, and Dewan Salman 7.57 percent to 17.20 rupees.
The activity in the futures contract according a leading trader is expected to increase in the coming months following the plan of the Karachi Stock Exchange and Securities Exchange Commission to phase out the badla system from margin financing.
The average daily volume during the preceding week 45 million shares, rising by 6.9 percent over the previous week. The contracts at the 30 eligible securities earmarked for futures trading would end on November 26, 2004.