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Weekly roundup: Bulls keep hold at KSE 100-Index with 206 score

Weekly roundup: Bulls keep hold at KSE 100-Index with 206 score

KARACHI: Severe fight remained continued between bulls and bears at KSE during last week but finally bulls took edge over bears scoring 206.01 points at end of the week on Friday.

The Karachi Stock Exchange (KSE) 100-index started with negative note on Monday and maintained this trend till end of the day, losing 171.98 points to finish at 29711.12 points with a volume of 59,831,040 shares.

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. “Investors traded cautiously on disturbance at political front as the opposition party PPP hosted a public gathering in Karachi on Saturday,” they added.

Due to political uncertainty the same volatile trading was witnessed at benchmark 100-index on Tuesday and the market could not come out of this pressure and shed 61.81 points till midday. At the end of the trading, 100-index recovered a little and closed at 29694.27 points by losing just 16.85 points.

Wednesday was a good day for traders and investors at KSE as market took a mammoth jump of 246.12 points, recovering the losses of last two days. The market finished at 29940.39 points, just below 30,000 psychological barrier, recording a volume of 110,960,050 shares as political tension eased after the Pakistan Awami Tehreek (PAT) chief ended 67 days long sit-ins in Islamabad before the start of the holy month of Muharram. Positive trends in international markets like Wall Street and Tokyo also helped traders gain confidence.

On Thursday, KSE 100-Index continued its bullish trend to cross 30,000 points barrier by gaining 84.74 points to reach 30025.13 points with a volume of 108,461,400 shares.

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

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.

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 helped market to cross 30,000 line and infused positive sentiments in market environment,” they said.