KARACHI: Karachi Stock Exchange (KSE) Tuesday opened upbeat and boisterous, as the KSE-100 index was seen shooting up by 300 points.
Sources said that the trading today started in a positive environment, when the investors preferred buying lucrative shares showing good margin of profit, which saw the index breaching 11,000 psychological barriers.
Analysts said that the heightened confrontation among the state institutions triggering unrest and political instability seemed to have ended with Musharraf's bowing out of office, which has somewhat restored the confidence of the investors, who always mean business in positive environment.
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And yesterday KSE up by 450 points; Rupee strengthens
KARACHI: Bulls entered the market in last minutes after listening to the announcement of President Musharraf's resignation and resorted to across the board buying at Karachi Stock Exchange (KSE) Monday.
KSE 100-Index gained 460.91 points to close at 10,719.62 as turnover volume was estimated at 158.862 million as prices of 234 scrips recorded gains while 36 sustained losses and 13 remained unchanged.
A dealer at a leading brokerage house said that market was mixed in the morning.
However, soon after listening to the address of President Pervez Musharraf in which he announced to tender his resignation, the bulls entered the market and made all round shopping, he added.
He said that all the leading scrips went up in few minutes and upper limit locks were exercised, limiting further buying.
He said that hectic buying will be seen tomorrow (Tuesday) as investors could not complete buying according to their desire.
The market capitalization was improved by Rs 137.21 billion to Rs 3.332 trillion.
NBP was the volume leader for a consecutive third day with a turnover of 13.574 million shares followed by NIB Bank 10.855 million shares, Zeal Pak Cement 10.125 million shares, OGDC 6.984 million shares and Pervez Ahmed 6.730 million shares.
OGDC closed at 118.68, NIB Bank 10.24, Arif Habib Sec 122.37, Lucky Cement 73.76, NBP 124.63, MCB Bank 303.71, Bank Al-Falah 41.04, D G Khan Cement 48.75 and POL 269.12.
Unilever recorded the highest increase of Rs 32 to 2332 followed by Shell Pakistan which moved up by 21.18 to 444.89 while Pak Engr dipped by Rs 20.85 to 396.15 and Service Industries down by 4.96 to 94.32.
Meanwhile, the rupee also strengthened in the open market on Monday against dollar reacting over the resignation news.
Dollar after weeks-long increasing trend plunges against rupee by and closed at 75.40 per rupee.
