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Weekly review: Bulls beat bears at KSE with 206 points

Weekly review: Bulls beat bears at KSE with 206 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened on negative note on the first day of trading, however, gained 206.01 points in the week-long trading, as it opened at 29892.88 points on Monday and closed at 30098.49 points on Friday.

On Monday, the KSE lost 171.98 points to reach 29711.12 points and volume of 59,831,040 shares.

Continuing volatility of early trading, Karachi Stock Exchange (KSE) 100-index even could not come out of the pressure till midday, shedding 61.81 points to reach 29821.29 points with the total volume of 22,187,280 shares.

On Monday, an official of Topline Securities was of the view that low trading of oil and cement in recent weeks and lack of interest from traders caused low trading at KSE too. “Investors traded cautiously on disturbance at political front as the opposition party PPP (Pakistan Peoples Party) hosted a gathering of supporters in Karachi on Saturday,” they added

The Karachi Stock Exchange (KSE) 100-index lost 16.85 points to reach 29694.27 points and volume of 71,040,950 shares on Tuesday.

Wednesday was a good day for traders and investors at KSE as market gained 246.12 points to reach 29940.39 points and volume of 110,960,050 shares as political tension soothe after the Pakistan Awami Tehreek (PAT) chief ended sit-ins in Islamabad after 67 days.

Also positive trends, on international markets, help traders gain confidence as Asian stock markets climb amid hopes of fresh European stimulus.

The KSE on Thursday continued its bullish trend to cross 30,000 barrier and gained 84.74 points to reach 30025.13 points with a volume of 108,461,400 shares.

KSE made a good start in the first session and kept this bullish note till midday, crossing psychological barrier of 30,000 and gained 108.83 points to reach 30049.22 points with total volume of 51,230,270 shares.

On last day of trading, Friday, KSE survived 30,000 psychological barrier and gained 63.76 points to reach 30098.49 points and volume of 113,364,510 shares on last day of trading, Friday.

High and Low were 30242.17and 30025.13 respectively. Total volume traded in the market was 113,364,510 shares on Friday.

Economists were of the view that investors’ interest remained in selected stocks across the board on easing political concerns and favourable government borrowing. “Hopes for major developments in China power projects funding and privatisation plan of SOEs played a catalyst role in bullish activity at KSE,” they added.

“Gains at Asian markets and decision by PAT chief announced to end 67 days long sit-ins levitate confidence of investors and traders at stock market. Investors played their cards more fearlessly and boldly as they deemed the decision of Tahirul Qadri, a move towards restoring political stability in the country in coming days,” they added.

On the other hand, Imran Khan said that he is not going anywhere and will stay here at D-Chowk until PM announces resignation.

Experts said that the government has been inviting investors from the entire world, particularly from Arab counties and China, but it is facing difficulties in motivating investors as foreign direct investment fell by 26 per cent during July-September as compared to the same period of last year. “Traders felt relief and welcomed the announcement of ending sit-ins by Tahirul Qadri which help market to cross 30,000 line and infuse positive sentiments in market environment,” they said.