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The Karachi Stock Exchange (KSE) witnessed a bullish trend on another consecutive trading day on Friday and the benchmark KSE-100 index gained 60.30 points to close at 16,648.84 points from 16,588.54 points a day earlier. The stock market started gaining positive momentum after witnessing a correction of 300 points due to political unrest in the country.

On Friday, Karachi Stock market opened in green zone and it succeeded to maintain this positive level till end of the day. The index also hit intraday high level of 16,701.36 points and low level of 16,588.54 points. Trading activity was thin and overall some 99.5 million shares were traded at ready counter compared with 102.4 million shares traded on Thursday.

Trading activity was occurred in 328 scrips, out of which 184 closed in positive and 131 closed in negative, while the share price of only 13 stocks remained unchanged. The market capitalization increased by Rs 14.3 billion to Rs 4.172 trillion from Rs 4.158 trillion on last trading day.

Byco Petroleum remained volume leader and its share price was up by Re 0.41 to close at Rs 13.79 and its some 12.7 million shares were traded, while Jah Sidd Co lost Re 0.42 to close at Rs 15.34 with some 11.8 million shares trading.


Japan's Nikkei share average climbed to a 22-month high on its first trading day of 2013, as a deal in Washington to avert the fiscal cliff buoyed investor risk appetite and the weaker yen lifted exporters such as Toyota Motor Corp. The Nikkei ended up 2.8 per cent at 10,688.11, its highest close since March 4, 2011. It was also the Nikkei's biggest daily percentage gain since March 22, 2011.


Britain's top shares registered their highest closing level for nearly two years on Friday, taking a cue from US jobs data which suggested a broad-based labour market recovery. However, the relatively slow pace of growth in payrolls outside the farming sector also eased concerns that the Federal Reserve would rethink its monetary easing imminently.


Indian shares edged higher on Friday to touch two-year highs, posting their strongest weekly performance since the end of November, as oil companies such as ONGC rose on hopes a proposed change in the government's pricing formula would boost gas prices.


Taiwan stocks ended down 0.39 per cent on Friday, dragged by tech heavyweights Mediatek and HTC, as well as banking shares. The main TAIEX index fell 30.85 points to 7,805.99, after opening down 0.24 per cent. Mediatek and HTC shed 6.29 per cent and 2.38 per cent, respectively. Banking shares were down 0.92 per cent. The Taiwan dollar was up T$0.090 to stand at T$29.001.


South Korean shares ended lower on Friday as the country's export champions in electronics, cars and shipbuilding came under selling pressure from a cheaper yen. The Korea Composite Stock Price Index (KOSPI) closed down 0.4 per cent at 2,011.94 points, falling for the second straight day but still holding on to 9-month highs.

Some of this is correction after the big gains from the fiscal cliff resolution. However, losses are widened by selling pressure on exporters as the yen weakens. Heavyweight Samsung Electronics shed 1.2 per cent, despite expectations for a blockbuster fourth-quarter.


Most Southeast Asian stock markets ended higher in a choppy session on Friday as selective buying in consumer and banking stocks overshadowed concerns the US Federal Reserve may end its asset-buying programme ahead of time, denting risk appetite.

Jakarta's Composite Index closed up 0.2 per cent at 4,410.02, setting a record finish for a second session as investors continued buying the market that lagged the region last year. It rose 2.2 per cent on the week, the biggest weekly gain since mid-September. The Philippine Composite Index ended at a record close for a third consecutive session. It closed 0.6 per cent up at 5,971.45 and posted a weekly gain of 2.7 per cent, the region's second-best performer after Vietnam's 3 per cent rally.

Across the region, market players appeared favour domestic plays seen as helping them weather against global uncertainties. Indonesia's micro lender Bank Rakyat Indonesia climbed 2.1 per cent, with a trading volume of 2.5 times its 30-day average. Philippine conglomerate Ayala Corp jumped almost 2 per cent to an all-time closing high. Land and Houses Pcl, Thailand's biggest housing firm, surged 7.5 per cent to close at the level last seen in January 2005 after earnings upgrades.


European shares set a 22-month high on Friday, buoyed by supportive data and led by rig contractor Transocean, which agreed to settle US government charges over BP's Gulf of Mexico oil spill. Charts indicated the stock market's uptrend remained intact despite a sell-off earlier in the session following concerns about the US Federal Reserve's quantitative easing programme, and could gain nearly 7 per cent in the next three to six months.


Hong Kong shares ended their best week in six on a weaker note, as investors on Friday took profit on out performers in the past two days after the US Federal Reserve signaled growing concern about its stimulative monetary policy. The Fed's asset-purchase programme has been among the chief reasons for the swelling inflows that have buoyed markets in the Chinese territory. Reticence in the latest Fed minutes about further growing its $2.9 trillion balance sheet could limit capital flows.

The Hang Seng Index fell 0.3 per cent from Thursday's 19-month high, but posted its best weekly showing since the one that ended November 23, rising 2.9 per cent. The China Enterprises Index of the top Chinese listings in Hong Kong jumped 4.9 per cent this week despite slipping 0.4 per cent on Friday. In the mainland, the CSI300 of the top Shanghai and Shenzhen A-shares closed up 0.1 per cent on the day and 1.8 per cent for the holiday-shortened week. The Shanghai Composite Index rose 0.4 per cent on Friday and 2 per cent this week.
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Publication:Pakistan & Gulf Economist
Date:Jan 13, 2013

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