October 19, 2007	Friday	Shawwal 6, 1428

KARACHI, Oct 18: Pakistani shares ended on a life high on Thursday on hopes of stability following the return of former prime minister Benazir Bhutto to Pakistan, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 1.12 per cent, or 163.27 points, to 14,755.22 on healthy turnover of 377.83 million shares.

The index made a life high at 14,802.61 points and has gained nearly 47 per cent since the start of the year.

The free-float KSE-30 share index was up 1.23 per cent to 18,083.15 points.

“There is a feeling that the political scenario will stabilise now and there will be consistent economic policies,” said Muzzamil Mussani, dealer at JS Global Capital Ltd.

There is speculation that Bhutto’s return from eight years exile could eventually lead to power sharing with President Pervez Musharraf after national elections in January.Dealers said rising foreign portfolio investment also supported the market.

Foreign portfolio investment totalled $156.70 million in the first eleven days of October, after a steady outflow in August, according to central bank data.

The market capitalisation was also up by Rs46 billion to Rs4.501 trillion on hectic buying.

NBP 268.75, Bank of Punjab closed at 107.25, Fauji Fertilizer (Bin) 48.15, TRG Pakistan 15.60, OGDC 131.80, NIB Bank at 23.60, D G Khan Cement 117.10, Lucky Cement 143.05, Bosicor Pakistan 19.65 and PTCL 56.

D G Khan Cement was the volume leader with 48.360 million shares followed by Lucky Cement 43.192 million shares, Fauji Fertilizer (Bin) 32.250 million shares, Arif Habib Securities 30.513 million shares and OGDC 26.481 million shares.

Jahangir Siddiqui was the highest gainer with Rs24.40 to 512.90 followed by Nestle Pakistan Rs20 to 1,520 while Siemens dipped by Rs65 to 1,721 and Unilever shed Rs65 to 2,525. —Reuters/APP