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Markets

KSE ends flat, recovers from early losses

KARACHI : Karachi Stock Exchange (KSE) ended flat on Monday, recovering from an early decline of more than 2.6 percent
08 Aug, 2011

 KARACHI: Karachi Stock Exchange (KSE) ended flat on Monday, recovering from an early decline of more than 2.6 percent after bargain hunters snapped up cheap shares, dealers said.

KSE benchmark 100-share index closed 0.4 percent, or 4.96 points, higher at 11,380.05 on turnover of 106.74 million shares.

The KSE-index took its cues from regional markets in early trade, which declined after the US credit rating downgrade.

"Investors started accumulating shares at lower levels which led to the recovery at the local bourse," said Sajid Bhanji, director at Arif Habib Ltd.

On Friday, the KSE-index closed at a more than a four-month low.

Dealers said investors also bought on hopes of strong corporate profits, due to be announced the coming days.

Pakistan Petroleum Ltd is due to announce its result for the 2010/11 fiscal year on Tuesday.

 

Copyright Reuters, 2011

 

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