Magazine article Economic Review

Market Now Bullish

Magazine article Economic Review

Market Now Bullish

Article excerpt

There are several positive factors that kept the prices in the stock market quite firm, UB President had lifted sanction of commercial and agricultural loans to Pakistan. Meeting of the finance Minister with the IMF gave the hope that held up tranche of $280 million would be released. Analysts believed the present run-up may soon hit the 1250 point mark. During the period under review the Hubco came in for brisk buying. PTCL and multinational too were massively traded at rising prices.

KSE-100 index on October 4, 1999 closed on 1223.04 as compared to 1166.40 showing a gain of 56.64 points. Aggregate market capitalisation during the same period stood at Rs.324.887 billion as compared to Rs.319.017 billion showing a rise of Rs.5.87 billion.

FOREIGN INVESTORS

Foreign investors remained net sellers at the Karachi Stock Exchange during the month of October, when they sold twice as many shares as they purchased, figures received by the Exchange from its members up. A total of 10.348 million shares valued at Rs.226.985 million were noted to have been purchased by the foreign investors during October. Compared to that, the number of shares sold stood 107% higher at 21.332 million in terms of quantity and 81% in terms of value at Rs.410.623 million.

Analysts said the overseas investor moved in sympathy with the overall bearish market sentiment. During the month, the KSE index of 100 shares had shed about one percentage point to close at 1189.33. During twenty days of trading in October, market capitalisation also decreased 0. …

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