Tuesday, May 07, 2013
Staff Report
KARACHI: The Karachi stock market continued to scale new heights on the first trading day of the week Monday as it made an intra-day high of 19,444 points in anticipation that election would bring positive news for the economy.
Fresh buying was witnessed in Pakistan Petroleum Ltd (PPL) on news of expansion strategies and foreign interest in Oil and Gas Development Company (OGDC), but profit-taking eroded most of the early gains.
The Karachi Stock Exchange (KSE) 100-share index gained 30.07 points or 0.16 percent to close at 19,256.70 points as compared to 19,226.63 points of the previous session. The KSE 30-share index was up by 16.90 points to close at 14,814.62 points as compared with 14,797.72 points.
The market opened on a positive note and rallied by more than 200 points in anticipation that election would bring positive news for the economy, said Topline Sec dealer Samar Iqbal. However, later on profit-taking was witnessed and market ended almost flat.
FCCL remained in the limelight as investors accumulated shares after excellent last quarter results, she said and added that Engro Corp also attracted investors who think that the new government may make direct efforts to resolve gas issues.
