7,163
June 28, 2009On Friday, the KSE-100 index made an intra-day high of 7,217 and closed up at 7,163. The last two sessions have seen a significant rise in volume and foreign investment.
News : Massive foreign investment inflows took place in the stock market during the current week, which resulted in the highest level of net buying during the last 14 months…."The rising portfolio investment is not ‘motivated by market fundamentals,’ but is a deliberate move by the local big shots in the stock market to minimise their impairment losses as much as they can by June 30, 2009 when the current financial year closes," remarked a well-known analyst when asked for his comments on the encouraging trends in the stock market regarding portfolio investment….At a time, analysts said, when market fundamentals are not strong, the budget 2009-10 announced during the current month offered nothing to boost the stock market, but the rising interest of offshore investors in the local market is beyond comprehension…. Daily Times
The Karachi Stock Exchange is likely to propose to the SECP that the mark-up rate should be capped in the Margin Financing (MF) system and the financing facilities should be allowed in any other deliverable stocks, it is learnt. In its feedback to the Securities and Exchange Commission of Pakistan on the Consultative Group’s Concept Paper on Margin Financing, KSE is expected to propose that there should be 44 days lock-in-period for restricting financier to release the MF transactions, however, the financee may have the option to release such transactions as and when he requires,…Sources said KSE also favours that brokers as financiers should be allowed to finance other brokers of the same exchange for their respective clients and proprietary accounts and the mark-to-market losses should be managed by a central party or the system provider….The board’s meeting would be held in the first week of July 2009…. Aaj News
Market Low : 7,128.83 High : 7,217.97
Market Close : 7,163.04 – 34.21 points up.
