KARACHI: Karachi Stock Exchange is likely to witness low trading activity next week due to Eid holidays. The benchmark index increased by 249.86 points to close all-time high of 30,474.75 points during the past week as compared to 30,224.89 points of previous week’s closing. The KSE-100 index gained 32 percent with higher average trading volumes of 173 million shares.
Analysts said, “The market witnessed the earnings season taking its full grip in the outgoing week which led to sector specific triggers. SBP’s decision to keep the discount rate unchanged was in line with estimates. Within the banking space Askari Bank Limited (AKBL) surged sharply during the week. Amongst large cap banking scrips Habib Bank Limited (HBL) came out with stellar results.”
They said, “With the Best Way Cement Limited (BWCL)’s acquisition of Lafarge Pak Cement Limited (LPCL), dark clouds of a breakup in pricing arrangement amongst cement players can have its toll on the sector. Delay in Chitral Cement Company’s (CHCC) expansion plans has already pushed the script deep into greener meadows as the stock has advanced by 37 percent during the last two weeks.”
Foreigners have been very active in the market lately, with inflows of $57.5 million. The major portion of foreign buying has been concentrated in the Oil and Gas sector driven by attractive valuation levels, they added.
