Recovery was seen on Karachi stocks market during what analysts termed "volatile" week that ended on Friday (December 4). Benchmark KSE-100 index ended at 32,708 points, down 0.77 per cent week-on-week (WoW).
The daily trading turnover averaged eight per cent up on 154.6 million shares while the value of stocks traded also appreciated 15pc to Rs7.6 billion. Foreign portfolio investors appeared as net sellers of $17m with traders from chemicals and banking sectors losing the most: $7.1m and $6.2m, respectively.
Industrial metals and mining sectors topped the list of most gainers with 35.4pc growth. Forestry and electronic goods followed with 1.6-3.0pc increase.
On flip side, oil and gas, multi-utilities and financial services fell by 3.6-3.8pc, respectively. "The market recovered over the week as investors picked up index heavyweight stocks on attractive valuations," viewed Topline analysts.
They, however, said the recovery could not cover for the earlier downfall.
"After the constructive meeting between regulator and brokers, the benchmark KSE-100 index rebounded on the third and later days," said Abdul Azeem of Spectrum Securities.
Researchers at Arif Habib Research said the index brooked a volatile week, closing slightly below last week at 32,708 points.
"Albeit, an astonishing polarity was witnessed during the week with sentiments escalating quickly amid the delay in the implementation of broker''s regulations and an alleged restoration in the cordial relationship between the SECP and brokers," they said quoting news sources.
Investors also took this opportunity to amass blue chip scrip that had undergone correction for the past several weeks and offered attractive valuations, they said.
"The market is expected to remain under pressure as the outflow from foreigners continues," the analyst forecast.
The FED meeting due mid-December remained a key determinant in setting the tone as a policy rate hike may prolong the dull spell, they said.
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