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Stocks start new week on positive note

Stocks start new week on positive note

KARACHI: The Pakistan Stock Exchange started new week on positive note after adding 74 points in early trading to reach 46712 points level on Monday.

Last week, the KSE-100 index extended its gains during the week, closing up 1,148 points (+2.5 percent WoW), at 46,638 level. Optimism continued on the back of rallies in Cement (+3.7 percent WoW), Oil and Gas Marketing (+3.1 percent WoW) and Oil & Gas Exploration (+1.7 percent WoW) sectors.

Market during the entire week witnessed positive trend in anticipation of announcement of Amnesty scheme and government steps for resolution of external account woes.

During the outgoing week, cement and banking sector emerged as the top performers, contributing 195/194 points respectively, as investors sentiments improved in cement sector post recent jump in cement prices by Rs50/bag and investors expectations of passing of amnesty flows through banking channel.

Total volumetric activity in the week showed jump of 8 percent, while value traded increased by 34 percent. Among participants, mutual funds remained net buyers of $45.4million whereas, banks remained net sellers of $15.9million. Moreover, foreign investors remained net buyer of US$3.6million.