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Carryover market records highest trading at Rs 14 billion

KARACHI (January 16 2003) : Total carryover business on the Karachi Stock Exchange on Wednesday recorded highest ever business in a session, breaching Rs 14 billion mark, against a previous high that was recorded three years ago, way back in 2000.

On April 21, 2000, the total business at the carryover market (COM) at KSE was reported at Rs 12.20 billion when 389 million shares changed hands.

The business changed hands at COM also broke record and the total volume rose to 310 million shares, against 292.70 million shares reported a session earlier.

The effective carryover charges (CoCs) on annualised basis reported a substantial increase of nearly 12 percent to 36.15 percent reported on Tuesday.

The main reason for this high badla was that most of the players were of the opinion that the market would go up further and would earn more profit if they carried over their transactions.

Institutions are willing to invest at the share market through badla channel but some of the brokerage houses discouraged them to put their money.

PSO led the carryover transaction remained the first choice of the weak holders.

Total business amounted to around Rs 3.83 billion, closely followed by Hubco with Rs 3.35 billion.

However, in percentage terms, again PSO tops the list.

The business in top 30 companies showed that the carryover charges ranged from 29.11 percent, recorded in Nishat Mills and the highest in Dewan Motors Ltd.

Carryover transaction in terms of volume was led by Hubco as about 80 million shares were carried forward, closely followed by PTCL 61 million shares, PSO 14 million shares, Sui Northern Gas 31 million shares and National Bank 17 million shares.

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