The Karachi Stock Exchange ( KSE ), which gained 146.93 points last week, lost 149.07 points this week and closed at 9,774.07 points; failing to achieve 10,000 psychological level despite touching it twice this week amid uncertainty over the implications of the detailed verdict on NRO . The average turnover remained 207.882 million shares as compared to 157.020 million shares of the previous week; up 50.862 million shares. On the other hand, the KSE 30-index also lost 188 points and closed at 10285.97 as compared to 202.27 points gain in previous week. Bears overwhelmed the market for three days while bulls dominated the equity for two days only. The bourse started business on Monday with negative note when KSE 100-index shed around 28 points. On Wednesday and Thursday, market also lost heavily as KSE shed 50, 151 points respectively. Local investors opted for panic selling on Thursday on renewed concerns over judiciary action after NRO detailed judgement. Though, bourse lost almost...

Foreign portfolio investment at Karachi Stock Exchange and upgradation of Pakistan’s credit rating by international agencies pushed the benchmark KSE-100 Index beyond the psychological barrier of 9000 level for the first time in the last nine months. The trade began this week at the stock market with positive momentum which gained further strength towards the end of the week. The major Index closed this week with a huge gain of 462 points at 9003. The discovery of new oil reserves in the country and investment by foreigners fueled major investment in energy and banking stocks. The average volume stood at 240 million shares this week. KSE-30 Index surged by 464 points to finish the week at 8651.

The KSE 100-index could muster nominal 14 points on Wednesday as investors preferred booking profit for the second consecutive day while benchmark closed the day at 8,058 points. The KSE sustained a decent surge during the session mainly due to positive activity in main board banking stocks, confirmation of MCB-RBS transaction and whispers of consistency in earnings likely to be announced by NBP. Besides the banking stocks, cement, textile and oil & gas exploration stocks witnessed stock swapping, wherein the stocks trading at higher multiples were switched with those trading at comparatively low multiples, thus having a neutral to positive impact on the index, besides providing trading opportunities to the market men as reflected by decent turnover. “Rise in dollar reserve of the country due to release of third tranche by IMF did allow the local currency to find stability. Besides actions being undertaken by the authorities to reduce creation of artificial demand of dollar is like...

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...

KARACHI: Bull reigned the Karachi stock market during the week on support from buying activities as Securities and Exchange Commission of Pakistan (SECP) approved the re-launching of deliverable futures contract in 18 scrips. The Karachi Stock Exchange (KSE) 100-share index gained 19.39 points or 0.2 percent to close at 7,783.40 points as compared to 7,764.01 points of the previous week. Other major factors that supported the market included approval of dividends for Letter of Comfort (LoC) unit holders of National Investment Trust (NIT), rise in international oil prices and renewed interest of foreign investors. The turnover was recorded at 193.04 million shares as compared with 183.81 million shares of the previous week, reflecting an increase of 5.02 percent. “The SECP’s approval of 18 future securities and monetary policy statement prospects elated investors’ mood at the start of the week,” said analyst at JS Research Mustafa Bilwani. “SBP’s announcement of a delay in the monetary...

By Nasir Dehlvi KARACHI: Stock market witnessed bullish trend in three days and bears dominated two sessions during the last week. Selective counters focused by the investors as masters drove the bourse according to their strategy. Large brokerage houses and institutions drove buying spree on Wednesday and Thursday following the positive news of cut in interest rate of National Saving Scheme (NSS) and the retail investors also took part in the movement but the week end profit-taking eroded 27 points from KSE 100 index, the pundit said. Inclusion of Pakistan into frontier markets index of Morgan Stanley Capital International (MSCI Barra) on May 29, 2009 restored confidence of offshore investors in the local markets and the positive developments in war against terror also prompted enhancement of moral into the local as well as offshore investors, an analyst said. Pakistan Refinery, PICIC Growth Fund, Lakson Tobacco, Fazal Textiles and Bestway Cement were major gainers while Altern Energ...

KARACHI: The removal of anomalies from the budget 2009-10 ahead of corporate result announcement season and June-closing invited notable foreign and local buying on the Karachi bourse this week. The KSE 100-share Index gained 123 points or 1.75 per cent during the week and winded up at 7,163 points on the weekend. The KSE 30-share Index surged by 155 points or over two per cent and ended at 7,603 points this week. Analysts are of the view that the corporate result announcement season attracted investors to buy high dividend paying or speculative stocks available at lucrative levels. Therefore, the local and foreign financial institution in anticipated profit buying and accumulated selective stocks. Foreigners alone injected $17.6 million in net during the week, which according to JS Research is of 14-month high quantum. Foreigners were on their back foot since the introduction of floor-price mechanism at local bourses on Aug 28, 2008 and since then they had divested $315.6 million to d...

By Nasir Dehlvi Equity market witnessed bearish trend last week. Post budget rally forced investors for making short term strategy and find ways not to remain in the sidelines. However, market participants enjoyed a bullish sentiment on Wednesday when the benchmark KSE 100 index gained 202.97 points. The masters pointed out some positive news regarding US aid of $7.5 billion, a pundit said. The holdings are in the safe houses as previously indicated by this scribe so the market was running in smooth way. There were no sudden changes that could be expected, the pundit added. The budget failed to attract investors, as clarifications from various sources during the week were unable to draw them to the market, an analyst said. Jahangir Siddiqi and Co, DG Khan Cement, Lucky Cement, Arif Habib Securities Ltd and MCB were the volume leaders of the week, cumulatively accounting for 31 percent of the total volumes, the analyst added. The bench mark KSE 100 index shed 16.58 points and closed at...

Lifting of election ban on Sharif brothers and sharp cuts in Pakistan Investment Bond (PIB) yields kept the Karachi stock market in the greens during the week, analysts said on Saturday. The market remained buoyant despite Lahore and Peshawar terror attacks, they added. The Karachi Stock Exchange (KSE) 100-share index gained 130.37 points or 2 percent to close at 7,276.61 points as compared to 7,146.24 points of the previous week. Analysts said that the limited fall of local petroleum prices attracted the investors towards oil marketing companies, while gas-line deals with Iran were also taken positively for gas marketing companies. The turnover was recorded at 188.83 million shares as compared with 111.46 million shares of the previous week, reflecting an increase of 69.41 percent during the week. “The market welcomed the Supreme Court’s decision regarding lifting of election ban on Sharif brothers,” said analyst at JS Research Bilal Qamar. “The bullish sentiments in the market were s...