Positive trend was witnessed at the Karachi share market during the two-day week on the back of both local and foreign investors' support, mainly in oil, fertiliser and banking sector stocks. The market remained closed on first three days of the week on account of Eid ul Azha and Iqbal Day holidays.
The KSE-100 index increased by 81.63 points, closing at 12,038.93 points. Trading, however, remained very low due to absence of retail investors, and the average daily volume declined to 44.19 million shares, by 39.75 percent as compared to previous week's 73.35 million shares.
Market capitalisation increased by Rs 19 billion to Rs 3.135 trillion. Foreign investors were net buyers of shares worth $2.09 million as compared to an inflow of $193,000 during previous week.
The market opened on Thursday on a positive note and the index gained 11.75 points to close at 11,969.05 points with volume of 48.732 million shares.
The trend continued on Friday and the index increased by 69.88 points to close at 12,038.93 points with trading of 39.660 million shares.
On Friday, trading at the KSE was suspended earlier than official closing time due to technical fault and disconnection of all terminals in the KSE Building. The KSE management announced that the trading of Friday, November 11, 2011 and Monday, November 14, 2011 will be merged and settlement for both days will take place on Wednesday, November 16, 2011.
Analysts said that some discoveries of oil reserves in different parts of the country invited fresh buying in the relevant stocks, mainly in the E&P sector heavyweights. Investors' interest was also seen in some banking and fertiliser sector stocks. That supported the index to close in positive on both days of the week.
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