Karachi Stock Exchange Close At 2009 High

KARACHI : The Karachi Stock Exchange’s (KSE) main index hit a 2009 high in intraday trade on Tuesday but ended off as investors opted to book profits, dealers said.

The KSE benchmark 100-share index ended 1.08 percent, or 93.57 points, higher at 8,769.24 — its highest closing this year after reaching 8,938.44 at one point.

Turnover rose to a four-month high of 278 million shares, compared with 226.4 million on Monday.

“We have seen increased activity from foreign investors in the last few days and this has also encouraged local investors, and that is visible from the healthy turnover,” said Sajid Bhanji, a dealer at Arif Habib Ltd.

Dealers said improved macroeconomic fundamentals were encouraging foreign investors to look at Pakistan. According to official data, foreign investors bought shares worth $95.3 million in August.

Last week, S&P raised Pakistan’s sovereign rating to B-minus from CCC+, citing improvements in its external liquidity and a reduction in its fiscal deficit.

Dealers said while the stock market looks healthy for now, foreign flows will dictate going forward.

In the currency market, the rupee ended firmer at 82.86/82.96 compared with Monday’s close of 82.93/83.03, but dealers said the rupee was expected to face downward pressure near-term on import-related dollar payments.

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Karachi Stock Exchange Close At 2009 High was first posted on September 1, 2009 at 4:40 pm.
©2009 “Pakistan News“.