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World

May 14, 2011
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Karachi bourse gains 5 points amid thin trade

World

May 14, 2011

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KARACHI: The Karachi Stock Exchange (KSE)-100 Index gained 5.17 points on Friday to close at 11,967.35 points as investors stayed away from the market owing to fast changing political situation, traders said.
Early morning suicide attacks in Charsadda in which more than 80 people lost their lives dampened the sentiment at the market, they said.
“For the stock market, it was business as usual. One or two big investors can buy a few shares here and there and the market moves accordingly,” said Qasim Ali Shah, head of equities at Global Securities. “The KSE has been pushing for withdrawal of capital gain tax, which has not helped the government raise any substantial revenue. Any news related to relaxation in that tax can push up the volumes. Actually, it is the only way.”
The last day of the week for KSE saw volumes dropping to just 56 million shares, indicating that most investors remained on the sidelines, analysts said.
The KSE-30 Index of blue-chip companies was up 0.12 percent to 11,615.03 points. Shares of 335 companies were traded, out of which 128 advanced, 114 receded, while 93 remained unchanged.
The market was supported by shares that do no represent value and indicate a forced trading, analysts said. Jehangir Siddiqui Company, Azgard Nine and NIB Bank have all been facing financial woes, analysts said.
Director at Arif Habib Investments Ahsan Mehanti said that positive close reflected recovery in price of commodities including crude oil.
“Expected rise in local urea price, expectation of positive outcome of Pakistan-IMF talks,†renewed foreign interest in blue chips and institutional support played a catalytic role in the positive close at KSE.”
The next few weeks could be crucial as work on next budget ends and industries including the KSE present their proposals, analysts said. The stock market wants the government to lower taxes on share trade to boost the volumes.
Jahangir Siddiqui Company was the

volume leader at 10.6 million shares. It gained 3.78 percent to close at Rs7.13. Lotte Pakistan PTA saw trade in 9.1 million shares.
It was slightly down to Rs15.36 as PTA price fell internationally. Azgard Nine was up at Rs5.88 with trade in 6.6 million shares.

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