Pakistan shares rose 3.7 percent Week-on-Week (WoW) with benchmark KSE-100 index closing at 32,441 points. Investor sentiments were positive in most of otherwise volatile trading sessions on the back of rally in selected scrips.
Trade remained thin and declined on average two percent to 135 million compared to the previous 138 million shares WoW. The value of stocks traded, however, appreciated 31 percent to Rs 8.2 billion over the week preceded.
The week's major gainers included issues from index heavyweight oil and gas, household goods and construction and materials which added 9.2, 7.7 and 5.9 percent WoW. Those shed value by 4.7 and 2.3 percent represented tobacco and multi-utilities.
Foreign investors remained jittery and sold net portfolios worth $1.6 million. Cement stocks attracted $8.5 million inflows while chemicals and banking scrips saw an outflow of $9 and $3.5 million.
"Positive sentiments were witnessed at the local bourse this week as investors remained interested in selected sectors, namely cement, autos and oil exploration," said analysts at Topline Research.
Moreover, they said, Friesman Campina's intention to acquire majority stake in Engro Foods uplifted market sentiments.
Yawar Uz Zaman of Shajar Research attributed the bull-run primarily to 6.9 percent weekly gain in international oil prices which translated into 9.8 percent WoW return by oil and gas sector.
Analysts at AHL Research said a certain uplifting mood persistent during the week.
They said regional markets underwent a similar exuberance with China, up 5.3 percent, and India, up 8.9 percent, exhibiting largest weekly gains for the year.
"In tandem with the KSE-100 index, MSCI FM Pakistan returned 3 percent WoW, while FM and EM advanced 1 percent and 5 percent," analysts said.
Momentum witnessed at the equity gauge was led by ENGRO, post issuance of a notice at PSX, disclosing intention from a Dutch company of a potential 51 percent stake acquisition in EFOODS.
Also, activity was observed in selected cement scrips amid NEPRA's announcement of Rs 4.11 cut in electricity tariff and strong cement off-take numbers.
Other major highlights of the week included PSO approving acquisition of up to 27 percent PRL stakes, government cutting petrol prices by Rs 8.48 a litre and CNG by Rs 7 per kilogram, inflation spiking 4 percent YoY in February, cotton production dipping 33.85 percent during the season to 1st March and KEL signed $8 million accord for transmission upgrade with a Korean firm.
Next week, analysts expect the bourse to remain enchanting because of stabilising regional markets amid slight diffusion in global politic-economic tensions.
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