Karachi Stocks Hit All Time High at 5,633

The KSE 100-share index on Monday finished at an all-time high of 5,633.13 amid heavy buying boosted by the perception of more close ties with the US after the president’s visit. More than one positive developments, the president’s meeting with Bush and year-end considerations seem to have triggered buy stops on selected counters, although negative fallout of higher investment and volume on the carryover market was still there but investors relegated them to a secondary position at least for the near-term.

The KSE 100-share index confidently crossed the Rubicon after several abortive attempts and finally breached through the crucial barrier of 5,600 on heavy speculative buying triggered by president’s meeting with his US counterpart fuelled by the market talk of massive foreign investment and boost in trade between the two countries. The final close at the highest-ever level so far at the day’s peak level of 5,633.13 as compared to 5,575.96 at the last weekend, up 57.17 points as all the leading base shares, notably PTCL, OGDC, PPL and PSO initiated the market run-up. Market capital also rose by Rs15.390bn at Rs1,567.126bn…