KSE up on news about PAK US ties to get softened

KSE up on news about PAK US ties to get softened

Karachi: (Monday, June 18, 2012) Following news about the strife between US and Pakistan getting down in next few weeks, the country’s main stock market exhibited recovery as the business closed today.

Such positive news left a good impression on the KSE 100 index benchmark that rose to 0.65 percent, or for 88.33 points to close the market at 13,754.13 points as compared to Friday’s 13,657.88 points. With this development, the
total volume of the shares traded today remained 61.47 million.

Commenting on the improved market situation, a research analyst said, “The market started the week on a high because of positive news about Pakistan-U.S relations in the last few days. Investors are hopeful of good news during
the week.”

On the strife created after US attacks on Pakistani check posts in November last year, the US and Pakistan are at an impasse in difficult negotiations to repair ties, which are hoped to clear the way for re-opening the NATO supplies
to Afghanistan through the country.

Besides the transportation of the supply items, the routes through Pakistan are also important as the NATO looks forward to end the 11-year long war and to withdraw its troops some time in 2014.

As the stock market observed a boom today, it was led by fertilizer sector with investors expecting better performance because of a rise in product prices by two major companies.

Commenting on it, a dealer said, “Fauji Fertilizer and Fauji Bin Qasim raised prices which boosted their prices.”

Observing an increase of 1.41 percent, Fauji Fertilzer Company closed at 110.75 rupees, and the Fauji Fertilizer Bin Qasim Company closed at 41.6 rupees after going 1.96 per cent higher.

On another development, the rupee, after quite a few days, exhibited a firm trend and closed at 93.97/ 94.04 against the dollar, compared to 94.13/18 on Friday.

Short URL: https://www.newspakistan.pk/?p=26196

Posted by Fayyaz Yaseen on Jun 18 2012. Filed under Business, Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry