Weekly review: Index climbs 1.6% as bullish run continues
PHOTO: PPI
KARACHI: The benchmark-100 index continued to shrug aside domestic tragedy to say a bullish run, induction a 1.6% or 658-point boost week-on-week to energy past a fugitive 41,000-point level.
For long, a KSE-100 had shied divided from 41,000 points, retreating each time it came tighten to a level. However, this week, institutional seductiveness in cement, financial and oil bonds helped a Pakistan Stock Exchange (PSX)’s benchmark index arise to ancestral levels with volumes surging to new highs as well.
With Pakistan-India family remaining tense, though rather reduction nerve-wracking than in a prior week, investors continued to buy with teenager profit-booking holding divided a gleam Friday.
The index rose to a record high turn of 41,252 on Oct 5, and followed it adult with an roughly prosaic detriment of 1 indicate a subsequent day. It finished during 41,200.48 points on Friday with profit-booking and a arriving two-day holiday subsequent week definition that investors were discerning to connect and post gains of a ongoing week.
The news of Shanghai Stock Exchange’s proceed to buy a interest in PSX also gathering investors’ mood, overshadowing a doubt over domestic sound and unfamiliar selling.
Across-the-board boost in prices was celebrated with activity distributed opposite all vital sectors such as cements that rose 2.2% week-on-week. Fertiliser bonds surged +1.9% week-on-week with abating unfamiliar offered and value buying, while banks increasing +1.7%.
Cement zone witnessed churned emotions where market’s expectancy of clever dispatches information did not live adult and swell in spark prices dented a view further. On a other hand, oil and gas zone remained expansive following burst in wanton oil prices to a three-month high that were helped by a tumble in wanton oil batch as reported in weekly attention data.
Tobacco increasing 6%, while energy era zone was down 1% over a effusive week. Additionally, on a macro front, Moody’s investors’ use confirmed a fast opinion for Pakistan’s banking zone and has forecasted sum domestic product expansion during 4.9% while International Monetary Fund (IMF) projected a 5% GDP expansion rate for Pakistan for FY17.
Market activity picked adult during a week with normal volumes climbing adult by 15% week-on-week to 605 million shares. The oil and gas offered zone witnessed net offered of $6.3 million, since net shopping of $5.9 million was seen in banks.
Foreigners remained net sellers for a 6th uninterrupted week, offloading $8.3 million value of shares.
Winners of a week
Bank Of Punjab
The Bank of Punjab operates underneath a standing of a scheduled bank in Pakistan. The bank provides blurb bank services.
Shell Pakistan
Shell Pakistan Limited markets petroleum and petrochemical products. The association also blends and markets opposite forms of lubricating oils.
International Steel Limited
International Steels Limited manufactures steel. The association produces cold rolled, sheet, and prohibited dipped galvanised piece steels. International Steels serves a construction, appliances, automotive, rural implements and wrapping industries.
Losers of a week
Pakistan Petroleum
Pakistan Petroleum Limited specialises in a scrutiny and prolongation of wanton oil and healthy gas. The association also sells liquefied petroleum gas and condensates.
Honda Atlas Car
Honda Atlas Cars Pakistan Limited manufactures, assembles and sells Honda vehicles by a many groups within Pakistan.
Pak Suzuki Motors
Pak Suzuki Motor Company Limited manufactures, assembles and markets Suzuki cars, pickups, vans and 4 X 4 vehicles.
Published in The Express Tribune, Oct 9th, 2016.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay sensitive and join in a conversation.
Article source: http://tribune.com.pk/story/1195837/weekly-review-index-climbs-1-6-bullish-run-continues/