Bulls dominated the trading sessions at the Karachi stock market during the week, as investors remained optimistic over International Monetary Fund (IMF) and Pakistan's officials meeting to discuss economic assistance of Pakistan and the release of third tranche for economic support.
The Karachi Stock Exchange (KSE) 100-share index gained 151.30 points or 2 percent to close at 7,872.23 points as compared to 7,720.93 points of the previous week. Analysts said other major factors that supported the market included rise in international oil prices near to $76 per barrel in London trade, rebound in rupee fall and continued foreign interest.
The turnover was recorded at 139.43 million shares as compared with 140.36 million shares of the previous week, reflecting a decline of 0.93 percent.
"The one big surprise for the market during the week was the aggressive buying by offshore investors," said analyst at JS Research Bilal Qamar. "Net foreign buying stood at $18.6 million during the week, which is the highest since the week ending on April 25, 2008."
He said that these figures were the latest released by National Clearing Company of Pakistan Limited. Foreigners turned net buyers this week as they bought shares worth $25.2 million and sold shares worth $6.6 million, resulting in net buying of $18.6 million. This was the highest weekly net inflow witnessed by the market in the last 15 months.
He said all eyes are on the crucial meeting of the IMF board, with any positives likely to trigger a fresh rally at the equity market. Moreover, probable decision on the release of the third tranche and approval of an additional $3.1 billion loan facility could see the rupee strengthening against the dollar.
Result season at the market is starting to gather momentum. The outgoing week saw Lucky Cement posting better than expected results, which triggered positive movement in the cement sector, he said adding that the upcoming week would witness release of some blue chip results such as MCB, PSO, Hubco and OGDC. Analysts believed that together with the decision of the IMF board meeting, these results would set the tone for the market next week.
Sharp rally in oil prices attracted investors' interest in E&P and other energy stocks. As a result, market capitalisation of E&P and OMC sectors rising by 3.0 percent and 4.4 percent, respectively.
The Karachi Stock Exchange (KSE) 100-share index gained 151.30 points or 2 percent to close at 7,872.23 points as compared to 7,720.93 points of the previous week. Analysts said other major factors that supported the market included rise in international oil prices near to $76 per barrel in London trade, rebound in rupee fall and continued foreign interest.
The turnover was recorded at 139.43 million shares as compared with 140.36 million shares of the previous week, reflecting a decline of 0.93 percent.
"The one big surprise for the market during the week was the aggressive buying by offshore investors," said analyst at JS Research Bilal Qamar. "Net foreign buying stood at $18.6 million during the week, which is the highest since the week ending on April 25, 2008."
He said that these figures were the latest released by National Clearing Company of Pakistan Limited. Foreigners turned net buyers this week as they bought shares worth $25.2 million and sold shares worth $6.6 million, resulting in net buying of $18.6 million. This was the highest weekly net inflow witnessed by the market in the last 15 months.
He said all eyes are on the crucial meeting of the IMF board, with any positives likely to trigger a fresh rally at the equity market. Moreover, probable decision on the release of the third tranche and approval of an additional $3.1 billion loan facility could see the rupee strengthening against the dollar.
Result season at the market is starting to gather momentum. The outgoing week saw Lucky Cement posting better than expected results, which triggered positive movement in the cement sector, he said adding that the upcoming week would witness release of some blue chip results such as MCB, PSO, Hubco and OGDC. Analysts believed that together with the decision of the IMF board meeting, these results would set the tone for the market next week.
Sharp rally in oil prices attracted investors' interest in E&P and other energy stocks. As a result, market capitalisation of E&P and OMC sectors rising by 3.0 percent and 4.4 percent, respectively.
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