20000401

KSE index up

7.84 points

RECORDER REPORT

KARACHI: Equities were glued to positive territory on Friday at the Karachi Stock Exchange where blue chips and investment stocks rose sharply. The volume was up as genuine investors felt that the index might appreciate in coming sessions following the IMF mission's visit next week.

The KSE-100 index registered a rise of 7.84 points or 0.39 percent to 1999.70 from 1991.86 of Thursday. The volume amounted to 264.452 million shares as against 243.120 million shares of Thursday. The market capitalization moved up to Rs 504.335 billion from Rs 502.435 billion.

The index recorded a modest recovery and the companies which are on the privatization block scored fresh gains. Hubco also showed a smart recovery on the report that the government officials would hold a 'video conference' with the company's officials later in the day. Punters hope that both the parties would reach some agreement to resolve the over two-year dispute on high tariff. ICI was on the buying chart once again as traders believed that the company might recover all the losses made last year.

An analyst from Westminster and Eastern Services Limited said that the bulls opened the market on a cheerful note and maintained a firm posture throughout the session. The market, after evidencing 31 points rise, witnessed a mild profit taking, which wiped off major gains in the last hour of the trading session.

Besides the SBP's decision regarding removal of all restrictions on remittances, another report which kept the investor's spirits high during the day was about a meeting among government, Hubco and World Bank officials in order to find a way out to resolve the tariff dispute. This helped Hubco to register fresh gains during the day.

Salman Ahmad of Finex Securities said that a couple of good reports boosted the sentiment of the investors. Several fresh deals were executed in the oil companies, Hubco , PTCL and ICI.

He said that several genuine investors were slightly cautious ahead of the verdict to be announced on April 6 in the plane conspiracy case against former prime minister Nawaz Sharif.

A leading trader said that the market might cross the 2000 mark once again next week as the carry over charges are in line with the expectations of players. The badla rate for PTC was 12.50 paisa, Hubco 11.15 paisa, PSO 1.04 paisa, ICI seven paisa, Adamjee Insurance 52 paisa, Dewan Salman 18 paisa and Engro 33 paisa.

ICI on a trading of 71.930 million shares closed at Rs 18.30, i.e. higher by 65 paisa, PTCL on a trading of 64.153 million shares moved to Rs 32.85 from Rs 32.80, FFC Jordan on a turnover of 23.697 million shares recorded a rise of 70 paisa to Rs 14.85, Hub Power slipped by 10 paisa to Rs 28.10 as nearly 22.697 million shares changed hands and PSO on a volume of 20.070 million shares recorded a decline of 40 paisa to Rs 244.60.