Led by a spate of better corporate results, Karachi Stock Exchange (KSE) bounced back and the KSE-100 share index hit highest-ever level of 18,917.71 against previous 18,631.21 points. It gained 286.50 points with average trading volumes also rising by 15 percent WoW to 189 million shares.
Commenting on the market performance, Farrah Marwat, Head of JS Global (Research) said the week started on a tepid note given concern on key macro variables (SBP's FX reserves at a 10-year low of US $6.64 billion; fiscal deficit at 4.5 percent of GDP in 9MFY13 and likely to cross 7 percent of GDP in FY13E).
However, she added that the Finance Minister's statement mid-week that Pakistan could approach IMF for a $5.0 billion loan post elections went some way towards soothing investor jitters.
"Overall, the benchmark KSE-100 Index clocked a return of +1.5 percent WoW (up 287 points) with average trading volumes at the local bourse also rising by 15 percent WoW to 189 million shares," she said.
Amongst listed sectors, Farrah said fertilisers (+1.5 percent WoW) remained in the limelight on ST gas supply concerns at Engro's plant (resolved mid-week); above-expected 1Q2013 result announcements by Fatima Fertiliser and Engro Fertiliser and Engro's revelation of plans to list the fertiliser company before end-2013.
She said cements (+2.4 percent WoW) also garnered a fair share of investor focus, as mid-sized companies within the sector (MLCF, CHCC) announced strong 9MFY13 earnings.
Above-expected results, Rupee softness and a steady stream of news flow on plans to address circular debt kept the power sector (+2.6 percent WoW) ticking as well.
Meanwhile, banks underperformed the KSE-100 by 0.5 percent this week as soft 1Q2013 earnings came hand-in-hand with further spread compression eyed in April 2013, Marwat said.
Weekly average volume witnessed improvement of 15.5 percent to Rs189.01 million shares compared to Rs163.65 million a week earlier and market capitalisation also remained on higher side. Up by 2.1 percent, it closed at Rs4.649 trillion from Rs4.555 trillion. On the contrary, average daily value was on lower side. Decreasing by 6.7 percent, it closed at Rs5.79 billion compared to Rs6.21 billion registered during the previous trading-week.
Universal top performers during the week were Pak Suzuki Motor Co, Adamjee Insurance, Pakistan State Oil, Fatima Fertiliser, ICI Pakistan, Nishat (Chunian), Attock Petroleum, National Refinery, Pakistan Telecom and Lotte Pakistan PTA.
Bears defeated bulls at Karachi share market on the beginning of week as the benchmark-100 index lost 25.66 points to close at 18,605.55 points against 18,631.21 points on last trading day. KSE witnessed renewed buying in various sectors on Tuesday due to better results and the benchmark-100 index gained 41.74 points to close at 18,647.29 points against 18,605.55 points.
Karachi share market witnessed an all-time-high trend on Wednesday and the benchmark-100 index gained 132.37 points to close at highest-ever level of 18,779.66 points against 18,647.29 points.
"All-time-high" trend continued at the local bourse as the benchmark-100 index breached psychological barrier of 18,850 on Thursday. The index gained 105.95 points to close at highest-ever level of 18,885.61 points against 18,779.66 points.
On Friday, though it was the mourning day on the call of MQM, Karachi Stock Exchange witnessed another "all-time-high" as the benchmark-100 index bagged 32.10 points to close at highest-ever level of 18,917.71 points.