Karachi equities shed 0.4 percent, Week-on-Week (WoW), amid a range-bound trading activity. The KSE-100 index closed at 34,527 points with daily trading volumes averaging on 15 percent higher on 458 million shares. Average daily value contracted 23 percent to Rs13.4 billion or $131.2 million.
Major gains were seen in media, 9.1 percent; food producers, 3.4 percent, and engineering, 2.9 percent while telecommunications down 2.5 percent, appeared as a major loser.
"Investor focus was largely skewed towards the second and third tier stocks," said Raheel Ashraf of JS Global.
The local banking stocks and foreigners were major net sellers of $22.5 million and $5.7 million, respectively. Local mutual funds were net buyers of $11.2 million.
Major net buying during the week by foreigners was seen in sectors like chemical ($6.9mn) and telecommunication ($1.2mn). Major selling, worth $12.2 million, by foreigners was seen in power generation and distribution.
"Investors preferred to trim their positions close to the June year-end," viewed analysts at Topline Research.
Analysts at AHL Research said the KSE-100 index remained subdued in terms of return.
However, they said that there was significant upward activity, particularly in KEL, with average volumes of 458m per day, up 14.6 percent WoW.
This number could have been higher; however, the commencement of Ramadan on Friday took the average volumes considerably lower with only 207m worth of activity on Friday, they added.
Other key highlights of the week were: the finance minister accepting numerous Senate recommendations on the federal budget including companies to be given option to distribute at least 40 percent of the profits or 50 percent of the paid-up capital in context of tax on undistributed reserves, FDI declining by 47 percent YoY in 11MFY15 and the ministry backing revocation of PSO-PNSC agreement.
Comments
Comments are closed.