Investors at KSE witness careful buying, Stocks end flat

Investors at KSE witness careful buying, Stocks end flat

Karachi: (Thursday, February 02, 2012) After witnessing a week of frantic buying, Karachi stock exchange observed a flat day today. Although the day kicked off with significant buying, but after the news about contempt hearing
of the prime minister, investors decided to contain themselves from pouring in further money.

The Supreme Court has decided to charge the Prime Minister Yousuf Raza Gilani with contempt of court as he could not re-open and pursue the corruption cases against Co-chairman of his party and President of Pakistan Asif Ali Zardari.
Now the contempt of court hearing is due on Feb 13.

With a low trade volume, the KSE 100-index closed down at 0.01 per cent at 11,929.78 points. The volume of the shares traded today rose up to 107.72 million shares, compared to yesterday’s figure of 93.44 million.

Commenting on low buying, Ahsan Mehanti, a director at Arif Habib Corp Ltd. Said, “Cautious investors squared their positions after the prime minister was ordered to appear on February.”

Explaining today’s first session’s increased trade volume, dealers said that investors rushed for textile shares after the news that the European Union had approved a waiver on textile export duties for 75 Pakistani products.

Short URL: https://www.newspakistan.pk/?p=11611

Posted by Fayyaz Yaseen on Feb 3 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry