Karachi stocks market rose by one percent to end the week at 33,049 points. Trading turnover averaged per day 17 percent up on 181 million shares while the traded value also grew to Rs8.9 billion or $86 million, Week-on-Week.
Foreign investors appeared as net sellers to have off-loaded portfolios worth $10.2 million. Chemical and banking stocks were sold out the most at $5.5 million and $4.3 million, respectively. Locally, the major gainers were from industrial transportation, industrial metals and multi-utilities sectors which increased by 16.4, 13.7 and 6.8 percent, respectively.
The major losers were food producers, media and forestry which declined by 6, 4.5 and 3.3 percent.
"Appreciation of Pak-Rupee against the US dollar attracted investor attention in the market," said analysts at Topline Research.
Arif Habib analysts said though sentiments pleasantly took a U-turn towards end of the past week, the market bounced back and forth this week. "On the international front, oil touched its seven-year low amid failure of OPEC in setting a production ceiling; oil scrips continued to wear out owed to the commodities implosion with the OGDC and POL losing the most," they said.
However, analysts said, investor interest was rekindled in the banking sector offering attractive valuations with major buying witnessed in HBL, UBL and MCB.
Recovery in the Pak-India relationship provided the much-needed stimulus to the market that helped market activity rise by 17 percent, WoW.
Other major highlights of the week were foreign exchange reserves crossing $20 billion mark, exports declining 15 percent in November, remittances growing 7.6 percent in 5MFY16 to $8 billion, the rupee appreciating two percent mid-week trading at near 103.60 against the greenback, Arif Habib Corporation acquiring 28.23 percent shares of Silk Bank and Pakistan International Airline having added Rs 24 billion to its authorised share capital which now stands at Rs 54 billion.
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