KARACHI: Aggressive buying at Karachi Stock Exchange on Friday pushed the benchmark KSE-100 Index by 219 points to 6,826. Today’s trade started in the green zone but kept on moving across the fence throughout the day. However, investors were seen taking positions in energy and banking stocks in the second session which took the major Index to the present level. The market turnover was recorded at 220 million shares. Bank Alfalah drew maximum activity which slipped paisas 18 to close at Rs14.92. KSE-30 Index surged by 253 points to finish the day at 7,375.

The Karachi stock market maintained its bullish sentiment on Wednesday, as expectations of cut in discount rates within the next couple of weeks and the meeting of friends of Pakistan on April 17, which is expected to attract foreign funds to stabilise the economy, boosted investors’ confidence. The Karachi Stock Exchange (KSE) 100-share index gained of 57.20 points or 0.86 percent to close at 6,674.82 points as compared to 6,617.00 points traded in the previous session. The KSE 30-share index also increased by 70.59 points and closed at 7,234.40 points as compared with 7,163.81 points of the previous session. The KMI 30 index surged by 27.52 points to close at 9,225.54 points as against 9,198.02 points of the previous session. The market turnover decreased by 12.52 percent and traded 262.88 million shares as compared to 300.53 million shares traded in the previous session. The overall market capitalisation went up by 0.70 percent to close at Rs 2.005 trillion as compared with Rs 1.991...

By Salman Siddiqui KARACHI: The foreign capital flight continues although the Morgan Stanley Capital International Barra (MSCI Barra) announced last month to consider reinstatement of Pakistan on its Emerging Index and the domestic political stability was also gaining momentum. The MSCI Barra is a world-leading provider of equity, fixed-income and hedge fund indices. International investors highly consider its advisory for making investment and divestment in about 23 developed and 27 emerging markets across the world. The foreigners’ actions at the local bourses show that their speed of exit was increasing with the rise in activities in the local capital markets. Last week, when the Karachi bourse made a record buying-rally and registered a four years highest gain of over 10 per cent in a week, the foreigners made a massive outflow of $31.3 million. “This net selling was the highest since seven weeks and equivalent to cumulative net selling of past five weeks,” observed Atif Zafar at J...

The Karachi stock market failed to sustain previous session’s bullish sentiment and closed in the red zone on Friday as investors went for profit-taking on account of political uncertainty over Pakistan People’s Party’s (PPP) decision to form its own government in the Punjab. Analysts said that the index failed to capitalise initial gain of 63 points due to prevalence of uncertainty among investors. The Karachi Stock Exchange (KSE) 100-share index decreased by 100.64 points or 1.56 percent to close at 6,340.36 points as compared to 6,441.00 points traded in the previous session. The KSE 30-share index also shed 148.88 points and closed at 6,831.32 points as compared with 6,980.20 points of the previous session. KMI 30 index lost 184.46 points to close at 8,789.70 points as against 8,974.16 points of the previous session. The market turnover went down by 19.96 percent and traded 221.52 million shares as compared to 276.79 million shares traded in the previous session. The overall market...

Bloomberg Report Pakistan’s three stock exchanges will seek a review of a decision by a regulator to impose penalties for last year’s trading curbs. “We have decided to file an appeal,” Karachi Stock Exchange Spokeswoman Anita Mirza said by telephone today, without giving details. The fines were the first action by the regulator against the bourses after the restriction. Competition Commission of Pakistan imposed a 6 million rupee ($74,626) penalty on the Karachi Stock Exchange, it said in a statement yesterday. It also fined the Lahore Stock Exchange 1 million rupees and the smaller Islamabad bourse 200,000 rupees. “It is a healthy sign for the market development,” said Habib -ur-Rehman, chief executive officer at Atlas Asset Management Ltd. in Karachi, who manages $45 million worth of assets. “This practice of unnecessary intervention in market should be discouraged, it has harmed the market in many ways.” The curbs, which had prevented the benchmark Karachi 100 Index from trading be...

KARACHI: IGI Investment Bank a part of the IGI Financial Services Group and New Jubilee Life Insurance Company (NJI Life) marked the beginning of a long lasting relationship by signing an agreement at the IGI Financial Services head office. According to the agreement, NJI Life will be joining hands with IGI Investment Bank to provide bancassurance services whereby its customers will have the privilege of availing innovative and custom made life insurance products tailored by NJI Life. Present at the ceremony, Mr. Javed Ahmed the Managing Director and CEO of NJI Life stated, “We are honored to provide our life insurance services and products to the customers of IGI Investment Bank, one of the country’s leading investment banks. Being the pioneers of bancassurance in Pakistan, we are confident that we will provide the highest level of services and guidance to our new bancassurance partners- IGI Investment Bank” Also present at the ceremony, Mr. Samir Ahmed Managing Director and CEO of IG...

Pakistan stocks rose the most in nine months after Prime Minister Yousuf Raza Gilani pledged to reinstate Supreme Court justices fired under military rule in 2007, ending a confrontation with the opposition. Chief Justice Iftikhar Chaudhry and other deposed judges will be restored on March 21, Gilani said in a 6 a.m. televised address in Islamabad, meeting the demands of thousands of protesters who are challenging President Asif Ali Zardari. Authorities also lifted a ban on rallies and releases detained protesters. The benchmark Karachi Stock Exchange 100 Index rose 313.07, or 5.4 percent, to 6,063.54 at the 3:30 p.m. local time close, the most since June 24, 2008. Oil & Gas Development Co. and Pakistan Petroleum Ltd. led gains. “The stock market could gain 10 percent in the next few days since prices are attractive,” said Yasir Qadri, who manages the equivalent of $124.4 million as chief executive officer at MCB Asset Management Co. in Karachi. The judges’ issue “was a cloud hangi...