KSE gains 151 points; likely to keep up momentum next week

LAHORE - Bulls overpowered the bears at the stock market during the last week on support from buying
activities in the oil sector as international oil prices crossed $72/barrel. Investors remained optimistic over result
outlook in oil, banks and cement sectors while foreign investors played an important role in positive activity at the
market,
The Karachi Stock Exchange (KSE) 100-share index gained 151.3 points to close at 7,872.230 points as
compared to 7,720.93 points of last week.
Other major factors that supported the market included foreign players bought shares worth $6.9 million in a day,
early settlement of circular debt, monetary policy affected the investors sentiment and news about the killing of
Baitullah Mehsud. The turnover witnessed a downward trend at 134.60 million shares compared to last week
193.04 million shares
The performance Karachi Stock Exchange remained superb because at one stage it crossed the level of 7,900,
indicated that the markets technically oversold position may continue to inspire fresh support. However, brokers
expectations remained unfulfilled as they were expecting the bourse to cross the psychological barrier of 8,000
points. The profit-taking mania denied surpassing this mark.
The first day of business Monday witnessed a mixed activity in overbought stock market as investors preferred
booking profits in banks/fertilizer sectors and KSE 100-index shed minimal 4 points to close at 7,716.99 points.
Cement sector showed positive performance on record exports and expectations of record result
announcements this week. Trading activity remained unhealthy as ready market volume decreased to 127.459
million shares.
Tuesday business proved to be good for KSE as bulls overpowered the bears while buying activity was
witnessed in the oil sector. The KSE 100-index gained 79 points to close at 7,796 points. Foreign players
bought shares worth $6.9 million.
The local bourse was positive in the opening, gaining 30.99 points and luckily sustained the positive momentum
till the closing.
Trading activity was slightly remained better as ready market turnover stood at 128.638 million shares.
Wednesday was also comparatively good day for the Karachi Stock Exchange as it travelled continuously
upward and crossed the 7,800 psychological barrier after the KSE-100 index added another 38 points to close
at 7,835 points.
Foreign inflow mania was quite visible during the session and even the local participants joined the bandwagon
with the foreign participants.
Trading activity at the market was much improved as the market turnover increased to 144.924 million shares.
Bears staged come back on Thursday at the stock market as uncertainty loomed over the meeting of Finance
Ministry and IMF officials over disbursement of next tranche of $840m. The KSE 100-index shed 12 points and
closed at 7,822 points.
Market volumes were quite evenly distributed as merely two companies crossed over the 10m shares volume.
Trading activity was minimal as ready market volume squeezed to 133.012 million shares. Friday, the last
business day, also witnessed a gain of 50 points by KSE 100-index on buying activity as investors remained
optimistic on IMF-Pakistan meeting. The market closed the week at 7,872 points.
Investors feel relieved after news pertaining the killing of Baitullah Mehsud. Trading activity was better as market
turnover stood at 139.434 million shares.