Stocks recovered 96 pts: Karachi Stocks
Karachi: Stocks finally broke the losing streak on Friday when the KSE-100 index recovered 96.55 points to close at 25,603.35.
The Karachi stocks market opened weak and the first session closed in the red as selling pressure continued to be mounted by both institutional and individual investors. The foreign fund managers were also seen to have sold $0.79 million worth stocks.
News about the refusal of Supreme Court to Pervez Musharraf’s appeal for transfer of case to Military Court dampened sentiments. Also a blow to the peace talks with the Taliban sent negative signals to the market.
Yet, the Pakistan Army’s successful strike at the militant targets, gave some comfort to the investors, who thought that the ‘uncertainty’ could now be over.
However, some market strategists thought ‘wait and watch’ was the best strategy.
Weekly review on the market showed that on Friday the KSE 100-index had closed down by 3pc WoW. The bear onslaught in less than 10 sessions has seen the index plunge by 1,074 points.
Activity fell sharply in the week with average daily turnover at 203m, down 20pc WoW. The week saw net FIPI outflow amounting to $2.71m.
On Friday, Engro Corporation and Engro Fertiliser took the lead among active gainers, both stocks closing at their upper circuit.
Lafarge Pakistan gained 9.2pc with highest volume for the day at 35m shares. Lucky Cement closed at ‘upper circuit’ but D.G. Khan continued to remain under pressure.