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Weekly review: Bulls grip KSE before Eid as market gains 398 points

Weekly review: Bulls grip KSE before Eid as market gains 398 points

KSE remained in green zone most of the days in week long trading 

KARACHI: The Karachi Stock Exchange (KSE) 100-index has gained 397.58 points in the week-long trading, as it opened at 29705.65 points on Monday and closed at 30103.23 points on Friday, despite another week of sit-ins and public meetings, creating political chaos across the country.

At start of the week, market shed points as Pakistan Tehreek-e-Insaf organised another big public meeting in Punjab capital, Lahore, urging people to stand against VIP culture, injustice and inequalities present in current system. The PTI chairman reiterated his demand for the resignation of the PM Nawaz Sharif, on allegations of rigging during general elections 2013.

However, situation in the market got better on foreign buying and hope of thaw of political impasse as jirga of opposition parties have been trying to find a solution.

On first day of trading, Monday, the KSE 100-index lost 322.52 points to reach 29383.13 benchmark with a volume of shares 47,072,210 as the political situation was becoming unexpected after a showdown by Pakistan Tehreek-e-Insaf in Lahore.

On Monday morning, the market opened on a negative note and fell down from the weekend closing of 29705 points. The stocks failed to cope with the bearish trend and kept on downward march. The investors appeared cautious and preferred to wait and see the trend.

Tuesday proved to be a good day for Karachi Stock Exchange (KSE) 100-index as the major Stock market of the country gained 343.26 points to reach 29726.39 points and volume of 60,392,610 shares.

The KSE again remained in green zone and added 270.22 points to reach 29996.61 points and volume of 72,096,640 shares on Wednesday as the market kept the bullish momentum of start on third day of trading.

It is important to note that KSE has gained 613.48 points from Tuesday to Wednesday, taking points tally near to psychological barrier of 30,000 points.

On Thursday, the major stock exchange of the country, the KSE 100-index, crossed the psychological barrier of 30,000, gaining just 74.97 to reach 30071.58 points and volume of 107,311,490 shares.

KSE, on Thursday, made a wonderful start and crossed 30,000 psychological barrier by gaining 129.56 points and reached 30126.17 in midday trading. Later, the market even made up to 150 points gain but could not sustain momentum and closed with 75 points addition in yesterday benchmark.

The highest increase, on Thursday, witnessed in price of Nestle Pak. XD with price per share 7700.00 (100.00), Rafhan Maize with price per share of 11250.00 (50.00) and Philip Morris Pak. share of 817.39 (38.92) while the Murree Brewery with price per share of 1002.94 (-52.56), Shezan International with price per share of 915.34 (-39.95) and Exide (PAK) per share of 990.00 (-25.00) remained the biggest losers of the day.

On last day of trading, as the stocks markets across the country were going to close for five days, the Karachi Stock Exchange tried hard to end trading in green zone. The KSE slightly gained 31.65 for to reach 30103.23points and volume of 56,756,210 shares.

On the political front, as the controversial slogan of ‘Go Nawaz Go’ has created more heat in simmering political pot, the Pakistan Tehreek-e-Insaf Chairman Imran Khan warned that anyone who used violence on protesters, chanting the ‘Go Nawaz Go’ slogan, would not be spared. .

Financial experts say that even the political front is still facing upheavals and country has been facing major challenges in recent days, however, market sometime try in full swing to balance its losses. “The traders even confused from what is happening in the country, risked their investment as there is no other way to conquer a dismal proportions prevailing in the country,” they added.

On the other hand, the situation in the capital seemed to be normal as several protesters, who have been staging sit-in in the federal capital for over one and a half month, are returning to their home towns to celebrate Eidul Adha with their loved ones.

The market will remain close for five days due to weekend and Eidul Adha holidays.