The bulls remained on rampage throughout the four-day trading week with the market cumulatively gaining 642 points despite the bearish spell on the first day of the week. Thereafter, the bulls retaliated and the market gained 214 points a day, on average, for the rest of the three trading days.
During the month of Ramazan, on total, the index gained approximately 1260 points, and 657 during the last three sessions.
The last leg of Ramazan proved very lucky as the index surged by six percent with a moderate jump in weekly overage turnover by 15 percent to 184 million shares. E&P sector remained in limelight as it contributed immensely in terms of gaining value in individual scrips with OGDCL, PPL and POL gaining Rs 18.8, Rs 25 and Rs 22, respectively.
Tariq Hussain Khan, analyst at Atlas Capital Market, said that the GDRs issue was the major contributing factor as investors participated heavily after observing successful listing of MCB Bank on London Stock Exchange. UBL and NBP remained the star performers and posted gains of Rs 15.5 and Rs 24.5 above last week's closing.
Fertiliser companies' nine months results were in line with the expectations. Another positive development was the announcement to lift the ban on short selling, to be implemented from November, which triggered the market on the last day of the week.
The market opened on a positive note on Monday. However, after making 10966 points intra-day high, it descended into negative territory with KSE-100 index posting overall decline of 15 points to close at 10909.31 points in a range bound session due to low volumes and lack of interest of the investors ahead of Eid.
Overall trading volume remained depressing at 63.940 million shares, 39 percent lower than 104.445 million shares traded on previous Friday. On Tuesday, the market posted exceptional gains due to increasing oil prices in the international market and OPEC meeting regarding for cutting oil supplies. The index comfortably breached the 11000 points level and the KSE-100 index gained 257.73 points to close at the intra-day high of 11167.04 points. The net gain was the highest since September 12, 2006.
The market opened on a highly positive note and remained in the green throughout the session. The trading was broad based as all notable energy, banking and cement scrips closed in the green with handsome gains.
Investors' participation also remained high as the ready market volume increased to 176.539 million shares. The overall market capitalisation increased by Rs 66 billion to Rs 3.084 trillion.
Bullish trend continued unabated on Wednesday with the KSE-100 index gaining 232.79 points on the back of the news regarding incoming foreign investment, issuance of GDRs by some listed companies, and OPEC meeting for cutting oil supplies.
The market buoyed right from the beginning with the KSE-100 index gradually strengthening to mark 11436.32 points intra-day high and closing at 11399.83 points. The KSE-30 share index gained 293.76 points and closed at 13, 954.98 points.
The buying spree continued on Thursday, which was the last session of the week as also of the holy month of Ramazan. The sentiment remained bullish with the benchmark KSE-100 index breaching 11,500 points level. The KSE-100 share index gained 166.97 points to close at 11566.80 points. The market opened on a strong positive note with the KSE-100 index gradually strengthening itself to mark 11594.17 points intra-day high.
However, the volume in ready market was lower at 235.524 million shares as compared to 260.487 million shares traded a day earlier. The overall market capitalisation increased by Rs 43 billion to Rs 3.185 trillion.