KSE recovers ahead of presidential elections (06092008)

KARACHI: The market rebounded after a long sluggish activity ahead of presidential elections as KSE 100-Index gained 102.26 points or 1.11 percent to close at 9,342.19, reports said.
The turnover volume was also high at 43.877 million shares as prices of 115 scrips recorded gain and 28 sustained losses while 83 remained unchanged.
The market capitalisation improved by Rs 29.62 billion to Rs 2.921 trillion.
The market was bullish since morning and buying continued despite some profit taking.
The market was confident that PPP Co-chairman Asif Ali Zardari will be elected as President of Pakistan on September 6.
The market has been moving very cautiously for the past one week since the freezing of KSE 100-Index and players were waiting for the election.
NIB Bank was the volume leader with a turnover of 3.897 million shares followed by Nishat Mills 2.972 million shares, Worldcall 2.004 million shares, Bank Al-Falah 1.790 million shares and Bosicor Pakistan 1.696 million shares.
PTCL 33.07, HUBCO 22, Fauji Fertilizer (BQ) 22.88, NIB Bank 9.19, D G Khan Cement 39.50, Nishat Mills 49.04, MCB 244.25, Bank Al-Falah 32 and Engro Chemical 188.
National Foods recorded the highest increase of Rs 14.85 to 311.89 followed by Attock Petroleum which moved up by 13.39 to 281.38 while New Jubilee Insurance dipped by 4.90 to 109 and IGI Insurance went down by Rs 2.50 to 186.-APP