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Weekly review: KSE observes mixed week, gains 400pts to set new mark

Weekly review: KSE observes mixed week, gains 400pts to set new mark

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened on positive sentiments on the first day of trading and gained 400 points in the week-long trading, as it opened at 30,912 points on Monday and closed at 31344.07 points on Friday.

On Monday, Bull-run continued to cheer the Karachi Stock Exchange (KSE) as the benchmark KSE 100-Index after crossing highest-ever psychological barrier of 31,000 points kept on upward march to reach 31395.01 points with a considerable gaining of 456 points or 1.503% till 1:30pm.

Earlier, the market started the new week at the weekend closing of 30,912 points and continued recouping previous week’s buoyancy, setting the pace for trading in a fashion. It was beginning of the week but the KSE-100 index appeared enthusiastic and kept the investors engaged to boost their confidence.

The Karachi Stock Exchange (KSE) failed to continue the momentum of early trading but still 100-index managed to finish another all-time high of 31,303.63 with 21.80 or 0.07% gain with volume of 130,938,050 shares at a value of Rs10,345,734,097 on Tuesday. The Index recorded intraday high of 31,372.16 points and low of 31,232.69 points.

Earlier, bull-run kept in the stocks sail high after crossing all-time high as KSE-100 index added another 80.31 points or 0.26 percent to the score tally, taking it to 31,362 till 10:00am. The Karachi Stock Exchange opened at the overnight closing and the benchmark index kept on moving upward, reflecting the confidence and disseminating a positive sign towards country’s economic revival.

The previous peak of 30,474 points came in July, but the exchange plunged in August as opposition groups led by cricketer-turned-politician Imran Khan and firebrand cleric Tahirul Qadri began rallies and staged a sit-ins outside parliament to try to topple the government of Prime Minister Nawaz Sharif.

On Thursday, the Karachi Stock Exchange 100-index lost 187.38 points or 0.59% to settle at 31,441.82 points and volume of 160,838,810 shares.

Earlier, the Karachi Stock Exchange opened at the overnight closing of 31,629 points and continued the spree, adding to the joys of investors and brokers. The market appeared buoyant and steady, reflecting its resolve to cross the new highs. However, later market lost its early day gains and shed 187.38 points till end of trading day on Thursday.

It is to be noted that $7.63 million foreign inflows gave a big boost to stock values on Wednesday and local investors took comfort on the return of the overseas investors after profit booking for several weeks.

As a whole 26.27 percent of companies witnessed increase in their shares while 37.93 percent lost their share value and 2.13 percent companies remained stable.

Trade volumes surged by 100 million shares over the earlier day’s trade and traded value also shot up by Rs6 billion, showing interest of the investors which was not sustained in later trading.

High and Low were 31855.83 and 31391.65 respectively. Total volume traded in the market was 160,838,810 shares.

The three top traded companies were Pak Int.Bulk with a volume of 20,171,000 and price per share of 23.91, Jah.Sidd. Co. with a volume 20,019,000 of price per share of 13.95, Engro Fertilize Ltd. with a volume 14,919,500 of price per share of 64.78.

The top three advancers were Unilever Foods SPOT with price per share 9690.00, Exide (PAK) with price per share of 938.42 and Fazal Textile XD share of 938.42.

The top three decliners were Rafhan Maize with price per share of 10700.01, Nestle Pak with price per share of 8805.00 and Indus Motor per share of 865.86.

Analysts said that post IMF and government meeting, the monetary and fiscal board officials revealed that the government had decided to keep monetary policy tight in FY15, although low inflation and improved balance of payment situation were indicating monetary policy easing.

The Karachi Stock Exchange 100-index lost 97.75 points to settle at 31344.07  points and volume of 9,856,868,839  shares on last day of trading, Friday.

Earlier, benchmark KSE 100-index lost 94.65 points or 0.30 per cent to reach 31347.17 points on the last trading day. The bullish spree broke yesterday when KSE closed losing 187.38 points or 0.59% to settle at 31441.82 points.

On Thursday, the Karachi Stock Exchange opened at the overnight closing of 31,629 points and continued the spree, adding to the joys of investors and brokers. The market appeared buoyant and steady, reflecting its resolve to cross the new highs. However, later market lost its early day gains and shed 187.38 points till end of trading day on Thursday.

As a whole 31.03 per cent of companies witnessed increase in their shares while 29.72 per cent lost their share value and 2.30 per cent companies remained stable.

High and Low were 31496.19 and 31293.79 respectively. Total volume traded in the market was 9,856,868,839  shares.

Experts and analysts attributed the bullish trend to various factors both on the economic and political spectrum.

On the other hand, successful visit of Prime Minister Nawaz Sharif also help the sentiments at the market reached new highs as agreements worth more than $42 billion have been signed to pave the way for Chinese investors in different sectors, especially the energy and infrastructure.

It is expected that these Pak-Sino agreements will boost the investment scenario further.

According to experts, the market rallied on International Monetary Fund (IMF) likely release of second tranche in December. While cancellation of the govt’s planned disinvestment of OGDCL shares also helped the index reaches new highs.

Investors’ interest also remained focused in Textile and Cement stocks after reduction in electricity tariff and declining interest rates.

The country’s long-moribund economy seems to have started showing some signs of revival under the Pakistan Muslim League-Nawaz led government.