Index up 185.54 points

The KSE-100 index increased by 185.54 points during the outgoing week and closed at 11,960.22 points level with substantially increased trading activities. "The most-awaited desire of the capital market stakeholders came true after country''s Finance Minister accepted SECP''s proposals with an aim to restore life to country''s ailing equity market", analysts said.
Trading activities improved significantly, as the average daily volumes at the ready counter increased by 67.2 percent to 145.24 million shares, as compared to previous week''s average of 86.88 million shares.
Total market capitalisation increased by Rs 49 billion to Rs 3.105 trillion. The foreign investors also remained net buyers of shares worth $7.4 million during the week, as compared to net outflows of $3.7 million previous week.
The market opened on a bullish note on Monday and the index surged by 262.98 points to close at 12,037.66 level with total volume of 230.138 million shares. However, the investors opted for profit taking on Tuesday and the index declined by 46.28 points to close at 11,991.38 points level with 200.055 million shares. This trend continued on Wednesday and the index lost another 41.63 points to close at 11,949.75 points level with 124.848 million shares. The index decreased by 65.83 points on Thursday and closed at 11,883.92 points level with 95.533 million shares. The index gained 76.30 points on Friday and closed the week at 11,960.22 points with 75.602 million shares.
Yawar Uz Zaman, an analyst at InvestCap said that the most-awaited desire of the capital market stakeholders came true after country''s Finance Minister accepted SECP''s proposals with an aim to restore life to country''s ailing equity market. The major suggestion making difference was no inquiry on the source of income to be done till 2014 along with slash of WHT on shares value, amongst others.
The response to such an event was instant, highlighted by the impressive jump of 67 percent experienced by the average daily volumes in the market turning the number into triple-digits after a long time to 145 million shares against 87 million shares last week. The investors also booked profits during the week, as a long-due rally took place.
Furqan Aayub at JS Global Capital said that the market this week entered a consolidation phase following the massive surge of last week. Positive expectations of changes in the modalities of Capital Gain Tax (CGT) were finally realised after Dr Hafeez Sheikh''s visit to the Karachi Stock Exchange (KSE) last weekend. Further interest in the market also came with the commencement of the result season. Resultantly, the index gained 1.6 percent. The positive sentiment was reflective in the massive improvement in average daily volumes, which increased by 67 percent.