After witnessing bearish trend during the last two consecutive weeks, the Karachi share market took upward trend in the outgoing week and the benchmark KSE-100 index once again close above 10,000 psychological level at 10,258.71 points with a modest gain of 3.5 percent or 349.26 points on week-on-week basis.
The parallel free float market capitalisation-based the KSE-30 index increased by 528.19 points on weekly basis and settled at 11,690.23 points level. Trading activity remained thin during the week as average daily volumes of ready market declined by 18 percent on weekly basis to 92.499 million shares. The average daily turnover of futures market increased by 3.9 percent on weekly basis to 15.982 million shares.
The overall market capitalization surged by Rs 102 billion on weekly basis to Rs 3.195 trillion. The market started under pressure on Monday, however, late buying mainly by local institutions supported the market to close in positive and the KSE-100 index increased by 262.41 points to close at 10,171.86 points level. The KSE-30 index gained 356.52 points and settled at 11,518.56 points level.
On Tuesday, the market witnessed heavy selling pressure due to investors concerns over the prevailing uncertainty on political front and the KSE-100 index lost 208.28 points to close at 9,963.58 points level. The KSE-30 index declined by 324.32 points and settled at 11,194.24 points level.
Bearish trend continued on Wednesday and the The KSE-100 index lost another 61.23 points to close at 9,902.35 points level, while the KSE-30 index declined by 16.36 points and settled at 11,177.88 points level. The market remained closed on Thursday on account of Independence Day. On Friday, the market took upward trend on the back of healthy interest by local institutions and foreign investors and the KSE-100 index increased by 356.36 points to close at 10,258.71 points level while the KSE-30 index gained 512.35 points and settled at 11,690.23 points level.
Umer Ayaz, an analyst at JS Global Capital Limited, said the equity market managed a positive closing this week with the KSE-100 Index gaining 349 points, however, the equity market is still down 27 percent to date in 2008 amid economic slowdown and political issues. The issue of impeachment of President Pervez Musharraf and late on report of President's resignation before impeachment continued to affect market sentiments. At the weekend, the market saw strong pull back mainly led by local buying and on Friday only the index was up by 3.6 percent amid hope that political dust will finally settle down.
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