The Karachi share market witnessed a mixed trend during the outgoing week ended on April 13, 2012 and after moving both sides the benchmark KSE-100 index finally closed at 13,799.43 points, down 76.10 points on week-on-week basis.
Trading activities also remained low as the average daily volumes at the ready counter declined by 3.3 percent to 374.10 million shares as compared to previous week's average of 386.76 million shares.
Total market capitalisation reduced by Rs 28 billion to stand at Rs 3.537 trillion. The foreign investors remained net buyers of shares worth $2.3 million during the week.
The market opened on a positive note on Monday however the investors opted for profit taking after mid session and the index closed in negative zone at 13,864.68 points, down 10.85 points with a total volume of 348.244 million shares.
The index on Tuesday recovered 38.44 points and closed at 13,903.12 points with 290.421 million shares.
The market witnessed a mixed trend on Wednesday and the index after moving both sides finally closed at 13,816.96 points with 511.291 million shares. Negative trend continued on Thursday and the index lost another 123.22 points to close at 13,693.74 points with 340.509 million shares.
The market witnessed fresh buying from both local and foreign investors and the index increased by 105.69 points to close the week at 13,799.43 points with 380.025 million shares.
"The local bourse witnessed a confused investor sentiment throughout the week owing to varying rumours pertaining to imposition of new CGT regime", Naveed Tehsin, an analyst at JS Global Capital said.
On the macro front, SBP in its monetary policy statement maintained a status quo on discount rate at 12 percent.
During the week, ECC in its meeting allowed institutional investment in NSS and fortnightly price adjustment of petroleum products. Furthermore, it has approved low BTU Gas Pricing Policy, which is expected to encourage development of the low BTU gas fields that remained dormant on account of low economic viability. OGDC amongst the listed E&Ps is the major beneficiary due to existing low BTU fields in its portfolio.