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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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