KARACHI: The Karachi Stock Exchange benchmark 100-index gained 11.77 points or 0.03 percent to reach 33966.75 points and volume of 81,320,150 shares on Monday.
Experts said that with political tensions somewhat cooling down and leftover SECP investigation concerns subsiding, market managed to close in the positive territory.
AKD Group chairman Aqeel Karim Dhedhi observed that most of the activity remained concentrated in the low market cap 2nd and 3rd tier scrips as average traded volumes increased by 3.
Last week, the market looked set to continue its upward drive at the start of the week, but the momentum fizzled out after crude oil prices took a plunge and the cement sector came under pressure after the announcement of Lucky Cement’s expansion plans.
The banking sector performed strongly after weeks of being under pressure while the country’s improving political situation after the by-elections in key constituencies was a welcome change for investors at the bourse.
On Friday, the KSE-100 index closed at 33,954.98 points, adding 111.8 points or 0.33% as compared to previous week’s closing at 33,843.18 points. Average traded volumes during the week increased to 181 million shares against 175 million shares in the past week, gaining 3.4% Week on Week (WoW). However, average traded value followed reversed trajectory and was down by 10.2%WoW to $85 million. The foreign investors also continued their selling frenzy with net outflow during the week clocking in at $9 million.
High and low were 34077.14 and 33953.16 respectively. Total volume traded in the market was 81,320,150 shares.
