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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.
~Fragi~
Age: 42
8107 days old here
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Musharraf's luxury retirement home revealed
The pool has yet to be filled, the curtains yet to be hung. But the new tenant of 1-A Park Road is expected any day soon.
This luxurious home in the quiet suburbs of Islamabad, less than six weeks from completion, has been built by Pervez Musharraf as a retirement home for himself and his wife.
What he had probably not expected when he commissioned the house four years ago was that he might need it as a bolt-hole should his opponents force him from office.
Amid mounting speculation as to whether Mr Musharraf will resign or fight impeachment charges, there has been much talk as to where the President will live. The most likely destinations floated to date include the US, Turkey, Saudi Arabia and even Britain.
But yesterday it was reported that Mr Musharraf was insisting that should he stand down, he wishes to retire to his Mediterranean-style home set in five acres of land.
If he decides to stay, it will be no surprise to Hammad Husain, the architect commissioned by Mr Musharraf.
Yesterday, standing on the driveway of the house in Chak Shahzad, Mr Husain outlined the details of the home that will include a fish-pond, a walking track and an extraordinary amount of barbed wire.
"Most of what you see is his input, along with mine," said Mr Husain, as a team of labourers slaved beneath the blistering sun.
"He has gone into the detail, he has been part of it and comes here to look at things." Mr Husain, a family friend of Musharraf, said the President's wife, Sehba, had chosen th e curtains and fittings for the house, estimated at £1.25m.
Husain said Mr Musharraf had a taste for greenery and that every room in the house was designed to have a view of the surrounding countryside. The property has been designed to be energy efficient, and a shaded terrace will allow the former commando to enjoy an evening cigar.
Mr Husain said the design was understated, and drew a comparison with the tastes of the President's political enemies, Nawaz Sharif and Asif Ali Zardari, who are trying to force him from office.
Mr Sharif's taste was for ostentatious furniture, he said, while he gently mocked Mr Zardari's £4.5m country estate near Guildford. "This is no Surrey palace," he laughed.
As the President confronts the end of his political career, the property at 1-A comes heavy with irony.
Shortly before Mr Musharraf fired Pakistan's Chief Justice, Iftikhar Chaudhry – a move that spectacularly backfired – Mr Chaudhry had initiated a legal challenge that claimed the land in Chak Shahzad was reserved for farming, not residential use. The matter remains unsettled.
So, how do the residents of Chak Shahzad feel about their new neighbour?
"I think there will be no problem. It will be better for all of us," said Sheikh Ahsan, a building consultant who owns a farm nearby. "I think the security will get even better around here."
Another, Mushtaq Ali, a labourer, added: "We are just poor people. What difference can it make to us?"
