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 KSE recovers 348pts, up 1.11% following SBP positive reports

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PostSubject: KSE recovers 348pts, up 1.11% following SBP positive reports   Sat 21 Mar 2015, 10:48 am

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 348.64 points or 1.11 percent to reach 31800.26 points and volume of 101,279,390shares on last day of trading week, Friday.
Following the SBP report that the current account for February 2015 showed a surplus of $877 million, and that remittances have been increasing with an average of over 14 percent, the KSE-100 Index jumped by 348.15 points or 1.11 percent to reach 31799.77 in the late morning trade on Friday as compared to 31,524.98 of last session.
The High and Low were 31810.63 and 31451.62 respectively while the total volume trade in the market was 23,505,550. The State Bank of Pakistan reported that the current account surplus helped the deficit reduce its weight while the deficit fell to $1.614 billion in July-February eight-month period of 2014-15.
The current account deficit was $2.453bn in the same period of last fiscal year while the total deficit was $3.129bn in 2013-14. It shows that January 2015 posted a current account deficit of $74m.
Likewise, remittances have been increasing with an average of over 14 percent in the current fiscal bringing a total $11.75bn home in July-February eight-month period of 2014-15.
Chairman SECP, Zafar Hijazi, while attending the Institute of Chartered Accountants of Pakistan (ICAP’s) CFO conference “Sustaining Excellence: Shifting Gears” on Thursday, said the capital markets of Pakistan witnessed phenomenal growth and reached historic heights in terms of Index levels as well as market capitalization in 2014.
The market capitalization peaked at $77.68 billion on February 3, 2015 but saw a decline in March.
The High and Low were 31925.05 and 31451.62 respectively with the total volume traded in the market of 101,279,390.
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