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Stocks surge by 55.6 points at weekend

By Haris Afzal on Saturday, February 5, 2011 with 0 comments

Stocks surge by 55.6 points at weekend   News, geo news watch TV online business
KARACHI: Led by middle tier shares, Karachi stocks ended up on Friday on hopes of the launch of a margin trading system (MTS), dealers said.

The chairman of the Securities and Exchange Commission of Pakistan (SECP) is expected to visit the Karachi Stock Exchange (KSE) on Monday, which dealers said raised expectations of a possible early launch of the MTS.

"Bullish activity was witnessed ahead of the SECP chairman's consent to visit the KSE on Monday, to review the approval of the MTS," said Ahsan Mehanti, director at Arif Habib Investments Ltd.

The Karachi Stock Exchange's benchmark 100-share index ended 0.45 percent, or 55.36 points, higher at 12,414.41 on turnover of 131.72 million shares.

In the currency market, the rupee ended weaker at 85.53/58 to the dollar, compared with Thursday's close of 85.50/56 amid higher international oil prices.

In the money market, overnight rates rose to end between 11.15 percent and 11.30 percent, compared with Thursday's close of 11 percent after the State Bank of Pakistan mopped up 25 billion rupees ($292 million) worth of treasury bills in a six day repo.

Banks will be closed on Saturday because of Kashmir day.
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