Resumption of government - Tehreek-e-Taliban Pakistan (TTP) talks was welcomed by participants at Karachi Stock Exchange (KSE) as the KSE-100 index witnessed a growth of 4.3 percent during the last week, gained 1,108 points to close at 26,892 level. On the contrary, the average trading volumes registered a lower trend, with a decrease of 2.9%, the figure closed at 210.96 million shares in comparison of 217.21 million shares.
The market capitalisation maintained its positive trend, improved by 3.4%, it closed at Rs6.493 trillion from Rs6.279 trillion and the average daily trading value also touched green side, increased by 37.2% to Rs9.18 billion against Rs6.69 billion.
Analysts at Topline Securities commented that the month of March started with a bull run of over 1,100 points in a week with increasing volumes of Rs11bn (average) in an eventful week. Pak Rupee also strengthened by 2% during the week.
Following ease in Ukraine-Russian tension and rising global equity markets, local institutions showed renewed interest at local bourse. Rising international crude oil prices and rising production from Makori field helped oil stocks. The PSO remained in the limelight after its tremendous earning announcements while the NBP witnessed selling pressure after announcing depressed earnings, they added.
They said that the expectations of better cement sales brought cement stocks on investors'' radar. BoP Rights concluded its trading with the huge volumes.
Analysts at JS global said that the resumption of talks between the government and the Taliban were brought Bulls up at KSE as the KSE-100 index witnessed an increase of 4.3% during the week.
On the macro front, they said that major highlights of the week were (1) the CPI for the month of February, 2014 clocked in at 7.9%YoY vis-à-vis JS expectation of 8.3%, and (2) US Dollar continued its downtrend against the Pak Rupee and closed the week at Rs103.25/USD (-1.6%WoW). Also during the week (1) Pakistan forwarded bills worth US $1.6bn to US on account of the Coalition Support Fund (CSF), (2) the ECC cleared the LNG terminal pact for the Prime Minister''s approval, and (3) the government transferred 68 out of 131 Pakistan Telecommunication Ltd (PTCL) properties to Etisalat, they added.
Top performers of the week were: Habib Bank Limited, Askari Bank Limited, Engro Foods Limited, United Bank Limited, Pakistan State Oil, Kot Addu Power, Hub Power Company, Pak Petroleum Limited, Pakistan Oilfields Limited and Indus Motor Company Limited.
Session by session details of the week: the market witnessed positive trend on the start of new trading-week as the benchmark 100-index gained 70 points, closed at 25,853 against 25,783 on Friday.
The KSE-100 index succeeded to restore its previous level of 26,000 due to the Bullish momentum continued at local bourse on second consecutive day Tuesday. The index gained 355 points, closed at 26,209 level.
Karachi shares market on Wednesday closed higher led by oil sector scrips and the benchmark KSE-100 gained 313 points to close at 26,522 points up from 26,209.
The local bourse market on Thursday registered its fourth consecutive positive-run session on the back of better corporate results and renewed foreign interest various scrips. The KSE-100 index gained 320.54 points, closed at 26,842 level.
And on Friday, positive sentiments continued at the Karachi stock exchange on Friday and the benchmark KSE-100 gained 50 points to close at 26,892.23 points up from 26,842.53 points.
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