Bank­ing shares gain up KSE

The Pak Banker - - Front Page -

KARACHI: Karachi Stocks Ex­change (KSE) ended higher on Wed­nes­day, led by sharp gains in bank­ing shares amid ex­pec­ta­tions of healthy fi­nan­cial re­sults, and deal­ers pre­dicted the mar­ket would re­main steady in com­ing days.

The Karachi Stock Ex­change's bench­mark 100-share in­dex ended 0.32 per cent, or 37.97 points, higher at 11,886.02. Vol­ume was 99.78 mil­lion shares com­pared with 110 mil­lion shares traded on Tues­day.

"Most of the lead­ing banks have been per­form­ing well in re­cent weeks and we ex­pect in­vestor in­ter­est in the sec­tor to con­tinue as banks are ex­pected to re­port healthy full-year re­sults next month," said Ashraf Zakaria, a dealer at bro­kers Ali Hus­sain Ra­ja­bali and Co.

On Wed­nes­day, Bank Alfalah, United Bank Ltd and Al­lied Bank all closed at their up­per locks, or 5 per cent higher. Other banks also posted gains.

Deal­ers said an an­nounce­ment by the Abu Dhabi Group that it has agreed to sell a 20 per cent stake in UBL to Best­way (Hold­ing) Ltd at an undis­closed price also fu­elled in­ter­est in the lender.

Zakaria said in­vestor in­ter­est was also wit­nessed in oil stocks, in an­tic­i­pa­tion of an ex­pected rise in re­tail fuel prices later this week.

In the cur­rency mar­ket, the ru­pee ended at 85.81/88 to the dol­lar, slightly lower than Tues­day's close of 85.79/84.

"There were some dol­lar out­flows from the mar­ket to­day but at the same time in­flows are also pretty de­cent as ex­porters are also sell­ing dol­lars in the mar­ket, pre­vent­ing a sharp fall in the ru­pee's value," said a lo­cal bank dealer.

In the money mar­ket, overnight rates ended at 12.75 per cent, lit­tle changed from the pre­vi­ous day's close of 12.85 per cent, deal­ers said. Deal­ers said the mar­ket was also await­ing the re­sult of a fort­nightly auc­tion of 3-,6and 12-month trea­sury bills, for which the State Bank of Pak­istan has set a tar­get of 15 bil­lion ru­pees. - PB News

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