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Weekly review: KSE maintains 30,000 plus position

Weekly review: KSE maintains 30,000 plus position

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened with a slow start after five days closure on weekend and Eidul Adha holidays and gained 46.72 points in the week-long trading, as it opened at 30103.23 points on Thursday and closed at 30149.95 points on Friday

The week, which consists of two trading days only, was unexpectedly good for KSE as it ends in green zone despite the first day loss.

The KSE opened with bearish trend on Thursday after five days closure and lost 124.29 points to reach 29978.94 points and volume of 52,510,770 shares.

Earlier on Thursday, the rally started with downward trend as the KSE 100-index shed 50.48 points to reach 30052.75 points during midday trading. The market further kept earlier trend and lost 124.29 points till end of the trading.

On Thursday, the highest increase witnessed in the price of the Murree Brewery with price per share 1018.50 (24.86), Shezan International with price per share of 954.00 (24.00) and Sapphire Fiber per share of 390.72 (18.60), while the Pak Tobacco with price per share of 855.50 (-44.50), Philip Morris Pak with price per share of 823.00 (-27.00) and Siemens Pakistan per share of 1055.50 (-24.00) remained the biggest losers of the day.

Friday, however, was a relatively good day for KSE as It gained 171.01 points to cross 30,000 mark and reach 30149.95 points with a volume of 107,520,680 shares on last day of trading.

Earlier, KSE opened with positive note and kept on marching upward, crossed psychological barrier of 30000, by gaining 102.81 points to reach 30081.75 points in midday trading.

Financial experts were of the view that market has to survive the growing political pressure on government as Pakistan Tehreek-e-Insaf (PTI) is going to stage an anti-government public gathering in Multan, where the ruling party PML-N is supporting Javed Hashmi, former president of PTI, in by-election.

They said that other factors like prolonged spell of shelling from across the border, rumours of a possible delay in the Oil and Gas Development Company (OGDC)’s book building process and possible delay in International Monetary Fund (IMF) disbursements have also tried to pressurized the market, which, however managed to paid no heed to these factors.

Investors, during the week, were remained in holiday mood and contrary to bullish trend expectations market only gained 46.72 points in two trading days.