Bulls continue to run the show
Average volumes at KSE plummet 58% as most investors leave early for Eid.
KARACHI:
The stock market continued to firm amid thin trade during the shortened week ended November 19 owing to Eid holidays.
The benchmark KSE-100 index rose 0.85 per cent or 91.97 points to close at 10,965.99, just below the psychological level of 11,000 points. The market was closed from Wednesday to Friday on account of Eid.
Most investors took off early for Eid holidays as average volumes plummeted 58 per cent to 69.46 million shares during the week compared with the previous week’s 166 million shares.
The Eid holidays tend to slow down activity – a traditional phenomenon, said analysts.
Foreign interest, however, continued in blue chips especially after Standard & Poor (S&P) affirmed a stable long-term outlook for the country. S&P, the credit rating agency, confirmed the country’s long-term rating on foreign currency debt at a stable ‘B-’ because of a better financial position on Monday.
News regarding approval of Hub Power Company (Hubco) among Shariah-compliant stocks brought it in the limelight as local institutions showed interest in the scrip. The stock, among the top three volume leaders both days, rose 3.25 per cent to close at Rs35.54.
Buying was witnessed in oil stocks following both local and foreign interest. Pakistan State Oil and Shell Pakistan climbed by 1.24 per cent and 0.9 per cent, respectively, during the week. National Refinery stole the show in a largely lacklustre market on Tuesday by hitting its upper limit.
Pakistan Petroleum and Pakistan Oilfields also rose 1.15 per cent and 1.9 per cent to close at Rs194.25 and Rs256.3, respectively.
The market can cross the 11,000-point barrier in the coming week, especially as the investors are looking ahead to a formal announcement of a new leverage product, according to analysts.
Monday, November 15
The local market remained range-bound as investors preferred to stay on the sidelines ahead of Eid holidays. The benchmark KSE-100 index at the Karachi Stock Exchange (KSE) gained 35.63 points or 0.33 per cent.
Tuesday, November 16
The bullish rally witnessed at the stock market continued in thin trade on the last trading session before Eid on the back of foreign buying. The benchmark 100-share index at the Karachi Stock Exchange (KSE) closed 0.52 per cent or 56.34 points higher.
Published in The Express Tribune, November 21st, 2010.
The stock market continued to firm amid thin trade during the shortened week ended November 19 owing to Eid holidays.
The benchmark KSE-100 index rose 0.85 per cent or 91.97 points to close at 10,965.99, just below the psychological level of 11,000 points. The market was closed from Wednesday to Friday on account of Eid.
Most investors took off early for Eid holidays as average volumes plummeted 58 per cent to 69.46 million shares during the week compared with the previous week’s 166 million shares.
The Eid holidays tend to slow down activity – a traditional phenomenon, said analysts.
Foreign interest, however, continued in blue chips especially after Standard & Poor (S&P) affirmed a stable long-term outlook for the country. S&P, the credit rating agency, confirmed the country’s long-term rating on foreign currency debt at a stable ‘B-’ because of a better financial position on Monday.
News regarding approval of Hub Power Company (Hubco) among Shariah-compliant stocks brought it in the limelight as local institutions showed interest in the scrip. The stock, among the top three volume leaders both days, rose 3.25 per cent to close at Rs35.54.
Buying was witnessed in oil stocks following both local and foreign interest. Pakistan State Oil and Shell Pakistan climbed by 1.24 per cent and 0.9 per cent, respectively, during the week. National Refinery stole the show in a largely lacklustre market on Tuesday by hitting its upper limit.
Pakistan Petroleum and Pakistan Oilfields also rose 1.15 per cent and 1.9 per cent to close at Rs194.25 and Rs256.3, respectively.
The market can cross the 11,000-point barrier in the coming week, especially as the investors are looking ahead to a formal announcement of a new leverage product, according to analysts.
Monday, November 15
The local market remained range-bound as investors preferred to stay on the sidelines ahead of Eid holidays. The benchmark KSE-100 index at the Karachi Stock Exchange (KSE) gained 35.63 points or 0.33 per cent.
Tuesday, November 16
The bullish rally witnessed at the stock market continued in thin trade on the last trading session before Eid on the back of foreign buying. The benchmark 100-share index at the Karachi Stock Exchange (KSE) closed 0.52 per cent or 56.34 points higher.
Published in The Express Tribune, November 21st, 2010.