The Karachi share market continued its upward momentum during the week ended on January 10, 2009, and KSE-100 index increased by 350.24 points, or 6 percent, and closed at 6,143.81 points.
Healthy buying was witnessed during the three-day week mainly in the blue chip stocks and the average daily volume at the ready counter increased to 173.584 million shares, or 59.3 percent, as compared to previous week''s 108.99 million shares.
Market capitalisation increased by Rs 94 billion to Rs 1.936 trillion. Foreign investors were net sellers as they bought shares worth $16.7 million and sold $41.6 million, resulting in net selling of $24.9 million.
On Monday, the market started on a positive note and the index increased by 124.33 points to close at 5,917.90 points level, with a volume of 210.111 million shares.
The positive trend continued on Tuesday and the index gained 156.97 points, with 165.193 million shares. The market remained closed on Wednesday and Thursday due to Muharram holidays.
On Friday, the market witnessed healthy buying and the index hit 6,243.29 points intra-day high, up by 168.42 points, However, profit taking in late hours reduced its gain and the index closed at 6,143.81 points level, with a net gain of 68.94 points with a turnover of 145.449 million shares.
Atif Zafar, an analyst at JS Global Capital, said that the volumes improved in the market as there was more activity in top tier stocks, a thing that not witnessed in the previous weeks where activity was concentrated in low priced scrips.
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