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Market capitalization hits new record at Rs657bn

May 14, 2003 - The Daily DAWN


KARACHI, May 14: Stocks on Wednesday staged a broad recovery followed by active short-covering in most of the blue chip shares at the lower levels lifting the market capitalization to a new record figure of Rs657 billion amid light trading.

The surpassing of the previous all-time peak level of Rs654 billion established early this year at Rs657 billion signals a major change in the investor perceptions of the future market outlook. It could well prove a prelude to the entry of leading foreign equity traders into the local market and the credit for this will largely go to the heavily capitalized shares, analysts predict.

Most of the leading foreign funds start operations in the bourses having a market capitalization at least of $20 billion and the current move appears to be achieving this end, they added.

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