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Weekly review: KSE crosses 32000 points mark, keeps up momentum to touch 33000pts level

KARACHI: The Karachi Stock Exchange (KSE) 100-index once again crossed psychological barrier of 32000 last week. The market opened on positive sentiments on the first day of trading and gained 953.72 points in the week-long trading, as it opened at 31197.98 points on Monday and closed at 32151.70 points on Friday.

The Karachi Stock Exchange benchmark KSE 100-index gained 101.74 points or 0.33 percent to reach 31299.72 points and volume of 238,689,700 shares on first day of trading, Monday.

There were rumours of downward trend as Pakistan Tehreek-e-Insaf Chairman Imran Khan had warned the government of shutting down all business activities across the country if it did not accept his demands for investigations into the rigging in the elections. However, stock appeared confident and continued upward march in a steady manner, attracting the attention of investors who were otherwise cautious. It seemed the POL price cut and comparatively lower inflation index have helped the market gained momentum.

Driven by falling commodities prices and lowest inflation, stocks appeared bullish and gained 266.91 points or 0.85 percent to reach 31,566.63 points in early trading on Tuesday. The benchmark KSE 100-index kept ticking upward and consolidated its position, boosting confidence of the investors. The market opened at the overnight closing of 31299.72 points and remained on positive noted.

Analysts and experts attributed the bullish trend to falling prices of commodities, especially the oil and lowest inflation which was at six years low. They said that rising political noise and major fall in global crude oil prices kept selling pressure in oil sector amid fears for inventory losses.

The Karachi Stock Exchange benchmark KSE 100-index gained 192.01 points or 0.61 percent to reach 31872.73 points and volume of 257,480,050 shares on Wednesday. Buoyant Karachi Stock Exchange continued its march toward historic high of 32,000 steadily as benchmark KSE 100-index added another 213.01 points or 0.67 to scores tally, taking it to 31893.17 points till midday trading. Easing political concerns, cut in POL prices and lowest CPI inflation buoyed up stocks, giving impetus to Karachi

Stock Exchange benchmark 100-index rose high. The analysts and experts attribute the bullish trend to expectations for SBP discount rate cut, fall in rates NSS rates and easing political concerns after PTI altered dates for protests played a catalyst role in bullish activity at KSE.

The Karachi Stock Exchange benchmark KSE 100-index gained 218.20 points or 0.68 percent to reach 32090.93 points and volume of 270,543,210 shares on Thursday. The market opened on a positive note and kept crawled up to close the gap to its all-time high 32,000-level and never looked behind, setting eyes on new highs. Bull-run kept the Karachi Stock Exchange fly high steadily towards new heights as benchmark KSE 100-index gained 275.01 points or 0.86 percent to climb up to 32,147.74 points till midday trading. The fresh gains added to buoyancy in the market, giving impetus to 100-index ticking upwards to take the tally upwards from the overnight closing of 31,872.73.

The experts believed that investors’ sentiments received a big boost after the cooling off in political temperature as the government and the major political party in protest expressed willingness to sit around table.

As a whole 33.55 per cent of companies witnessed increase in their shares while 27.30 per cent lost their share value and 3.12 percent companies remained stable. High and Low were 32237.24 and 31872.73 respectively. Total volume traded in the market was 270,543,210 shares.

The Karachi Stock Exchange benchmark KSE 100-index gained 60.77 points or 0.19 percent to reach 32151.70 points and volume of 194,562,640 shares on last day of trading, Friday.

The market opened on a positive at the overnight closing of 32090.93 points, and remained buoyant, going up in a steady manner. The sentiments appeared cheering and huge activities were witnessed at the market, although it is the last day of trading week.

The market is responding to certain positive developments including low inflation, which was followed by cut in interest rate, improved liquidity in market and the investors’ improved risk perception. Market players asserted that even at the current high the market capitalisation to GDP ratio of KSE was 30 per cent, compared to 45pc in 2008 before the global market crisis.

As a whole 34.05 per cent of companies witnessed increase in their shares while 25.82 percent lost their share value and 3.62 percent companies remained stable. High and Low were 32315.56 and 32083.63 respectively. Total volume traded in the market was 194,562,640 shares.

Experts and analysts believed that low inflation, which had given rise to discount rate cut and possibility of further decline in inflation with further rate cut was the major market booster for investors’ visualised sharp growth in profitability of market across all sectors, particularly those with big loans on their balance sheets. They, however, cautioned that the investors should not be carried away by the galloping rise in index for the valuations had turned ‘tough’.