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Pakistani stocks gain amid low volume
Pakistani stocks ended higher in low volume yesterday, despite a bomb blast in Islamabad, as some bargain-hunters accumulated shares on cheap prices, dealers said.
- Reuters
- Published: 23:32 June 2, 2008
Karachi: Pakistani stocks ended higher in low volume yesterday, despite a bomb blast in Islamabad, as some bargain-hunters accumulated shares on cheap prices, dealers said.
"Despite the market going up, it's fairly evident by the sharp fall in volume that investors are still jittery," said Asad Iqbal, managing director at Esmail Iqbal Securities.
The Karachi Stock Exchange (KSE) benchmark 100-share index rose 1.24 per cent, or 150.69 points, to 12,281.20.
Volume was 92 million shares, compared with 176.15 million shares traded on Friday.
The free-float KSE-30 share index gained 1.58 per cent to 14,321.13 points.
Uncertainty
Dealers said the uncertainty over the fate of President Pervez Musharraf and a coalition government added pressure to the market but it was a good time for investors to start accumulating for the medium- to long-term after sharp recent falls.
Among the most active companies, volume leader Arif Habib Securities rose five per cent to Rs160.75, NIB Bank ended 0.8 per cent higher at Rs12.40, while National Bank of Pakistan was up five per cent at Rs165.79.
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