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KSE up 437pts on record car sale data
February 13, 2014
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Karachi:  Positivity was seen in regional equity markets as Chinese posted strong trade data for January. This coupled with payment of CSF from USA lifted mood at the local bourse which gained 437 points to close at 26677 levels, equity expert Asad Siddiqui observed.
Investors’ Interest during the sessions was seen in index heavy weights like OGDC, MCB, Engro, EFERTS and Efoods amongst others. Moreover, with news flow suggesting that OMC margins are on the agenda for tomorrow’s ECC meeting, interest was seen in PSO, the scrip gained 4.2pc to close at Rs 353 with volume of 2.9m shares, he added. KSE-All share grew by 298.25 points or 1.52 percent to close the day at 19869.56 points, KSE-30 share index extended by 353.14 points or 1.86 percent to stop the session at 19314.93 points while KMI-30 share index higher by 681.97 points or 1.57 percent to stop the trading at 44121.83 points.   Participation also remained strong as volumes jumped by 71pc to Rs 10.562 billion from Rs 6.176 billion. The day turnover in term of shares was 284.366 million after opening at 222.959 million shares while the capitalization of the market settled at Rs 6.479 trillion compared to Rs 6.382 trillion of a day earlier. Analyst at Arif Habib, Ahsan Mehanti said bullish activity witnessed at KSE with investor interest in oversold stocks across the board after global stocks showed strong recovery following US economic recovery. He said record foreign remittances data for July-Jan’14, rising car sales data, IMF approval on $545m tranche for economic support and speculations ahead of major earning announcements played a catalyst role in bullish sentiments at KSE amid higher trades.

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