Posted by: 1pakistani | March 25, 2009

Stocks gain 276.6 points on positive political signs

KARACHI, March 24: The KSE 100-share index on Tuesday recovered another 4.36 per cent or 276.64 points at 6,617.00 on strong speculative support triggered by some positive developments on the political front after the Raiwind meeting of the big two.

What seems to have encouraged investors to pick up oil, banking and blue chips at the current lower levels in numbers was a loud whispering that a power sharing formula has been agreed upon between the prime minister and Nawaz Sharif at Sunday’s Raiwind meeting.

The turnover figure soared to well over 300m shares after several months and reflected general investors willingly participated in buying operations of the NIT-led state fund.

An increase of about Rs77 billion in the market capital at Rs1,991 billion, and well over 4 per cent increase in all other indexes, notably 4.87 per cent in KSE 30-share index indicates that the rally was a judicious blend of both genuine buying in part fuelled by higher dividend by leading companies, notably Pakistan Petroleum, Pakistan Tobacco and EFU Assurance Life and General.

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