960424

Bulls rejoicing

persists

J M J

KARACHI: Another day which the bulls were rejoicing as the index yet again was persistent in its upward trend. The positive index by over 14 points was something the bears just before the Eid holidays could not ever dream, their pessimism has let them down for once.

The pundits, the professionals and the traders could not explain this sudden rise, though the rise has been in PTC and Hub Power but it will have a spiral effect on the market in general.

The GDR's have shot up as it is evident from the local interest, the rates we received were US$95.00 and US$98.00 and for Hub it was US$23.00 and US$23.50.

The kerb market was very active and there was hectic trading as the poor short sellers were running from pillar to post to square positions. In this frenzy the rates had shot tremendously PTC was ranging between Rs 33.50 and Rs 34.00, whereas it had closed much below this level.

Hub Power enjoyed the same fate, in our previous column we had mentioned that the rate race would be won by Hub Power but the punters who are in favour of PTC disliked the statement and were all out to prove this wrong and they did succeed, as Hub was Rs 32.50 in the kerb.

The readers will appreciate that we some how tried our best to warn the public from taking positions in the current situation and we still abide that till matters dont straighten one should not risk his/her hard earned earnings. One cant ignore the quote that higher the risk higher the profits.