Stocks Observer. com

Intense buying activities were witnessed at the Karachi stock market on the last trading day of the week Friday powered by Adviser to PM on Finance Shaukat Tareen’s clarification denying imposition of tax on the bourse. Analysts said that investors built portfolios as proposal for Rs 650 billion Public Sector Development Programme (PSDP) allocation for FY2009-10 forwarded by Annual Plan Coordination Committee (APCC) was taken positive for cement sector and the economy and restored the confidence among investors. The Karachi Stock Exchange (KSE) 100-share index gained 176.42 points or 2.53 percent to close at 7,146.24 points as compared with 6,969.82 points traded in the previous session. The KSE 30-share index increased by 231.87 points and closed at 7,715.97 points as compared to 7,484.10 points. The KMI 30 index also surged 318.22 points to close at 10,335.54 points as against 10,017.32 points. The market turnover went up by 38.59 percent and traded 111.46 million shares as compare