Masters drive bourse

By Nasir Dehlvi

KARACHI: Stock market witnessed bullish trend in three days and bears dominated two sessions during the last week. Selective counters focused by the investors as masters drove the bourse according to their strategy.
Large brokerage houses and institutions drove buying spree on Wednesday and Thursday following the positive news of cut in interest rate of National Saving Scheme (NSS) and the retail investors also took part in the movement but the week end profit-taking eroded 27 points from KSE 100 index, the pundit said.
Inclusion of Pakistan into frontier markets index of Morgan Stanley Capital International (MSCI Barra) on May 29, 2009 restored confidence of offshore investors in the local markets and the positive developments in war against terror also prompted enhancement of moral into the local as well as offshore investors, an analyst said.
Pakistan Refinery, PICIC Growth Fund, Lakson Tobacco, Fazal Textiles and Bestway Cement were major gainers while Altern Energy, Samba Bank, Bannu Woollen, Royal Bank and Arif Habib Bank were major losers at the bourse last week, analyst added.
Expectations of positive developments from the International Monetary Fund’s (IMF) meetings starting from Friday also kept the bullish trend in the bourse, the analyst further added.
The benchmark KSE 100 index gains 308.24 points and closed at 7471.28 points during the last week. Market capitalisation increased by Rs 84.76 billion and amounted at Rs 2205.34 billion. Equity dealers reshuffled holding of 667.89 million shares in outgoing week. (NC Report)

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