Institutional buying lifts stocks up

LAHORE - The equity market on Tuesday closed around 4 per cent up on the back of institutional buying ahead of Finance Minister’s visit to Karachi Stock Exchange where he will likely to offer some encouraging steps to boost stocks during his address later in the day, dealers said.
The Karachi Stock Exchange benchmark 100-index closed 3.96 per cent, or 410.51 points, higher at 10,784.81 on turnover of 98.7 million shares.
Naveed Qamar, the privatisation minister who has also held the finance portfolio since a coalition partner quit the cabinet in May, was due to start meeting the KSE board later on Tuesday.
Dealers said that market in anticipation of market fund is rising and it is hoped it will remain on recovery path till creation of the fund. Market closed on very strong note and it appears that this technical correction will continue.  
Dealers said investors are expecting confirmation of a Saudi oil facility to take pressure off Pakistan’s current account deficit and possibly some news about a proposed equity market stabilisation fund.
Earlier this month, the KSE said it was aiming to launch a 30 billion rupees market stabilisation fund following a precipitous fall in share prices.
Trading activity expanded and 306 scrips were traded today. Out of those 228 closed in plus column against 70 minus closings while 8 scrips kept last rates. Volumes once again improved handsomely and 135.254 million shares changed hands in today trading.