The share market, Karachi Stock Exchange (KSE), witnessed bullish trend during the outgoing week as the benchmark KSE-100 index hit at all-time high level of 14,814.85 points. It, however, finally closed below that level as the investors opted for profit-taking on available margins.
The KSE-100 index finally closed at 14,772.08 points level with a net gain of 113.25 points on week-on-week basis while the parallel free float market capitalisation-based KSE-30 index surged by 115.53 points on weekly basis and finally settled at 17,578.78 points level on the end of the week.
Trading activity further improved during the week as the average daily volume of ready market increased to 299 million shares as compared to 216 million shares traded a week earlier. The average daily turnover of futures market surged to 61 million shares against 25 million shares of the previous week.
The overall market capitalisation increased by Rs 34 billion to Rs 4.543 trillion on the end of the week as compared to Rs 4.509 trillion on the same day a week earlier.
This week was the three-day week as the market remain closed on December 25 on account of Quaid-e-Azam birth anniversary while the KSE management announced to close the market on December 28 due to law and order situation in the city after assassination of PPP Chairperson Benazir Bhutto. The previous week was also a three-day week due to Eid holidays.
The market started on a bullish trend on Monday and the KSE-100 index broke its previous record (14,787.55 recorded on October 19, 2007) and closed at its all-time highest level of 14,791.92 points. The index gained 133.09 points on the first day of the week on the back of strong interest of foreign and local investors mainly in banking and oil sector stocks.
The KSE-100 index hit 14,832.30 points intra-day highest level for the first time in its history on Monday. The market remained closed on Tuesday due to birth anniversary of Quaid-e-Azam. On Wednesday, the market continued its upward trend and the KSE-100 index closed above the 14,800 historic level for the first time in its history at 14,814.85 points with a fresh gain of 22.93 points. The market started on a positive note and the KSE-100 index hit 14,875.79 points, highest ever intra-day high level, but the profit-taking in some select stocks pushed the index in negative zone at 14,765.88 points intra-day low level.
Late buying in some banking stocks supported the index to close in positive with a marginal gain of 22.93 points. The overall market capitalisation surged by Rs 9 billion to reach new high level of Rs 4.555 trillion.
On Thursday, the market took downturn on the back of profit-taking opted by the market participants. Although the market started on a positive note and the KSE-100 index hit 14,875.40 points intra-day high level, but it failed to continue its upward trend as the market participants opted for profit-taking on available margins. Finally, the KSE-100 index closed at 14,772.08 points level down by 42.77 points.