Karachi share market rebounded during the last week, ending on October 3, led foreign investors' interest in selected stocks and the benchmark KSE-100 index closed above 30,000-level. The KSE-100 index gained 398 points (WoW) to close at 30,103 points at the end of last week compared to 29,705 points a week earlier. Despite positive trend, average trading volumes down by 23 per cent (WoW) as majority of investors adopted wait and see policy ahead of Eid-ul-Azha.
"Pakistan's equity markets kicked off last week on a bearish note and down by 323 points on Monday amid Supreme Court's hearing of a petition seeking disqualification of the prime minister", said an analyst at JS Raheel Ashraf.
However, he said that attractive valuations invited fresh buying from investors following optimism over future foreign flows and the benchmark index gained 1.3pc (WoW).
The outgoing week saw the book building of Saif Power, where healthy participation was seen from general public, institutions and high-net worth individuals, he added.
Decline in petroleum products' prices by up to Rs2.95 per liter, CPI inflation for Sept-2014 clocking in at 7.68pc YoY, FBR tax collection rising by 14pc YoY to Rs549 billion in 1QFY15 and government fetching Rs37 billion in the T-Bills auction against the target of Rs150 billion were other key highlights of the week, he mentioned.
In addition, during the last week Pakistan's foreign exchange reserves declined by $94.5 million to stand at $13.211 billion versus $13.305 billion in the past week. SBP's liquid forex reserves decreased by $18 million to $8.610 billion, while the reserves held by commercial banks stood at $4.6 billion, down by $77 million.
Average daily value also posted downward trend and decreased by 24pc (WoW) to Rs 6.40 billion compared to Rs 8.37 billion in the previous week. Average daily volume stood at 119.5 million shares in the last week against 154.6 million shares a week earlier. Following the bullish trend, with an increase of Rs 84 billion market capitalisation reached at Rs7.007 trillion up from Rs 6.920 trillion.
Among five trading session of the week, market was bearish for one session, while remaining four days market closed higher.
The Karachi share market kicked off the week on a bearish note and the benchmark KSE-100 index lost 323 points to 29,383, on Monday, with thin trading volume.
Overwhelming response to Saif Power book building positively affected overall market sentiments and the Karachi share market, on Tuesday, bounced back after couple of red sessions as bulls dominated the market. On second trading day, the benchmark KSE-100 index reached at 29,726 points, up by 343 points.
Sentiments at the Karachi share market remained positive on Wednesday and the benchmark KSE-100 index reached close to 30,000 points level. Overall the KSE-100 index increased by 270 points to close at 29,997 points.
The Karachi share market on Thursday closed higher, led by foreign investors' interest in selected stocks and the benchmark KSE-100 index closed above 30,000 points. The KSE-100 increased by 75 points to close at 30,072 points on Thursday.
On the last trading day of the week, the Karachi share market continued its upward momentum and with an increase of 32 points, the benchmark KSE-100 index closed at 30,103 points.
Meanwhile, month on month basis, the Karachi Stock Exchange, in September 2014, rebounded on enduring foreign investors' interest and the benchmark KSE-100 index surged by modest 4.1pc compared to 8.4pc decline in August. According to a research report, likewise, the last 10 years KSE-100 Index, on an average, provided 4 (four) pc return in September.
During the next week, two trading sessions will be held as the market will remain closed on October 6, 7 and 8 (Monday, Tuesday and Wednesday) on account of Eid-ul-Azha holidays.
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