KSE-index up on hopes of strong results

Shares in Karachi stock market ended up on Tuesday as institutional and retail investors chased bargains on expectations of healthy quarterly results, dealers said.
The KSE benchmark 100-share index rose 1.14 percent, or 161.11 points, to 14,324.51 on turnover of 183.70 million shares.
The free-float KSE-30 share index gained 1.31 percent to 16,932.42 points.
“There was institutional support and retail investors have also slowly started re-entering the market,” said Shuja Rizvi, director of equity broking at Capital One Equities Ltd.
“Investors are accumulating stocks at attractive levels and expect healthy corporate earnings.”
Results for the quarter ended Dec. 31 are due in the coming weeks.
Dealers said shares had reached attractive levels due to a 10 percent fall in the stock market in the first two trading days after the martyrdom of former prime minister Benazir Bhutto on Dec. 27. The index has since recovered almost seven percent.
Among the most active companies, NDLC-IFIC Bank, volume leader, ended 0.80 rupees higher at 23.95, TRG Pakistan gained 0.25 rupees to 14.10 and Bosicor Pakistan ended up 0.35 rupees at 21.35.

Copyright Reuters, 2008