Business | Markets
Karachi rebounds as energy stocks advance
Pakistani stocks ended nearly two per cent higher on Tuesday, recovering from early lows as energy stocks were in the limelight after an increase in well head gas prices by as much as 35 per cent for some fields, dealers said.
- Reuters
- Published: 23:23 August 5, 2008
Karachi: Pakistani stocks ended nearly two per cent higher on Tuesday, recovering from early lows as energy stocks were in the limelight after an increase in well head gas prices by as much as 35 per cent for some fields, dealers said.
Sentiment also was helped by acting finance minister Naveed Qamar's assurance that a market support fund would be active, dealers said.
Last month, Qamar announced the launch of a Rs20 billion equity market stabilisation fund.
Officials from the Securities and Exchange Commission of Pakistan met with Qamar on Tuesday, a spokesman for the regulator told Reuters.
Trading on the KSE got off to a late start due to an emergency board meeting o discuss market conditions amid a precipitous slide in share prices.
After being more than two per cent down at one stage, the KSE benchmark 100-share index rallied to end 1.92 per cent, or 189.29 points, higher at 10,042.47, also recovering from a near 23-month low on Monday, on turnover of 117.1 million shares.
Optimism
"There was a fresh air of optimism following the upwards revision of well head gas prices," said Sajid Bhanji, a dealer at brokers Arif Habib.
According to Oil and Gas Regulatory Authority, well head gas prices in Sui field were increased by 35 per cent to Rs144.93 per million British thermal units.
Pakistan Petroleum (PPL) wholly owns Sui gas field and is the primary beneficiary of this revision.
PPL rose five per cent to Rs204.23.
Among the most active companies, volume leader NIB Bank rose 4.91 per cent to Rs9.4 and National Bank of Pakistan gained 1.68 per cent to Rs109.90.
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