Updated on
Summary KSE benchmark 100-share index closed 1.33 percent, or 192.36 points, higher at 14612.28 points.
Continued buying by foreign investors and expectations of strong corporate performance by heavily-weighted companies boosted local confidence in the Karachi Stock Exchange, analysts said, leading it to close at its highest level since May 2008.Foreign investors bought shares worth a net $19,569,904 on Friday according to the National Clearing Company of Pakistan.The Karachi Stock Exchange (KSE) benchmark 100-share index closed 1.33 percent, or 192.36 points, higher at 14612.28 points, with a volume of 240.9 million shares. The market hit an intra-day high of 14,628.96, and posted its highest close since May 5, 2008 when the index closed at 14,673.13.The expectation of good corporate earnings and consistent buying by foreign investors combined to keep the market bullish, said Atif Zafar, a research analyst at the JS Global financial services company.Among the heavyweights, Pakistan Telecommunication Company closed 6.93 percent higher at 15.42 rupees.In the currency market, the Pakistani rupee closed almost flat at 90.76/78 to the dollar, compared with Thursdays close of 90.72/77. The rupee has been supported by remittances, which rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.In March, remittances totaled $1.14 billion.In its monetary policy statement in April, the State Bank of Pakistan said the external sector was likely to remain under pressure because of both external debt payments and a lack of foreign aid.Overnight rates in the money market ended at 11 percent, up from Thursdays close of 9.10 because of decreased liquidity in the market.
