Pakistan's KSE crosses 12,600 on hopes of MTS, earnings

21:00, January 17, 2011      

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Investors continued to invest in blue chip stocks at Pakistan's Karachi Stock Exchange (KSE) on Monday as its main index surged above the psychological 12,600 levels while volumes also kept improving.

The benchmark KSE 100-Index climbed by 1.18 percent or 148.40 points to close at 12,681.94 levels, KSE All Share Index gained 1.15 percent or 100.36 points to end at 8,794.69, KSE 30-Index surged by 1.19 percent or 146.47 points to conclude at 12,476.12, while KMI 30-Index bolstered by 1.59 percent or 324.69 points to finish the opening session of the week at 20,741.55 levels here.

Analysts informed Xinhua that the market is facing buying trends in the New Year rally owing mainly to high expectations of investors of better earnings in the blue chip stocks.

They said that the hopes of an early launch of a leverage product is also giving the bulls more strength where according to the local media reports the Margin Trading System (MTS) is quite close to its launching at the KSE.

They said that the political turmoil in the country has also ended which has wiped out doubts in the minds of foreign investors about the political shakiness.

The market started the fresh week with continuous buying by both local and foreign investors which kept the main index gaining value all day long. However, after the halfway stage, the market saw some pressure as the main index hovered around 12,615-12,650 but a late buying rally, especially in the fertilizer sector, pushed the key index to achieve the highest level of the day of 12, 696.54.

Ghazi Naseem of Azeetrade Securities (Pvt) Limited informed Xinhua that the market is looking great for traders with a medium-to-long-term approach as it is eying 13,000 levels in near term.

He said that the KSE achieved 12,500 levels last week after about 31 months with investors taking positions in oil, banking and fertilizer stocks on hopes of early launch of leverage product, expectations of better corporate results and higher international oil prices.

With local investors actively taking part in the New Year bullish rally, market volumes kept on surging as a trading of 316. 809 million shares on Monday, which is 16.309 million shares more when compared with Friday's turnovers of 300.500 million shares.

In the broader market, a total of 420 companies traded hands during the course of the day where prices of 231 issues advanced, 170 declined, while values of 19 other scrips stayed unchanged.

Source:Xinhua
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