KARACHI: Short-covering on dips helped the Karachi bourse end the session with modest gains on Wednesday. Otherwise, aggressive buying, which had started after the reinstatement of judges last week, faced resistance during the day.
The constitution of a committee to probe the 2005 stock market crash and threats to abandon peace efforts in the Northern Areas were said to be the main reasons for making investors cautious and encouraging them to book profits on available margins.
The KSE 100-share index managed to post another rise of 57.20 points or 0.86 per cent and closed at 6,674.20 points. It helped overall market capitalisation cross Rs2 trillion with fresh inflow of Rs14 billion.
However, 228 stocks out of 378 actives fell, 138 rose and 12 closed unchanged. Notably, the Pakistan Telecommunication Company, MCB Bank, Fauji Fertilizer Bin Qasim and Pak Petroleum closed lower.
Hasnain Asghar Ali at Aziz Fidahusein said that the formation of a sub-committee by the National Assembly Standing Committee on Finance to re-open the March 2005 crash probe and threats to end peace efforts in the Northern Areas made investors cautious and caused intra-day correction.
The market opened with extended gains and briefly breached through 5,700 points in the wee hours. Simultaneously, the leading benchmark 100-Index touched an intra-day high of 6,761.10 points, surging by another 144.10 points from pre-opening level.
Non-availability of buyers at the day peak levels provoked investors to offload their holdings at available margins and book profits to run safer.http://www.forexpk.com/finance/5244
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