KARACHI: The stock market opened week with bullish note and added 244.80 points to reach 39773.62 points level in early trading on Monday.
Last week, activity at local bourse remained range bound, however, interest in index heavy stocks, mainly in banking sector, led the index to close at its all time high of 39,528. Over the week, the market rose 1.0 percent. Average daily volumes witnessed a 12 percent decline, with volumes clocking in at 182.8 million shares, on the other hand, average daily values fell 21 percent, to Rs10.5 billion/US$99.8 million. Amongst the major sectors, Tobacco, Cement and Oil & Gas Marketing Companies were up 6.3 percent, 3.2 percent and 2.6 percent, respectively. On the contrary, Oil & Gas Exploration, Refinery and Pharmaceuticals were down, 4.5 percent, 1.9 percent and 1.4 percent, respectively. Fertilizer remained flat, over the past week. Foreigners were net buyers of US$10.9 million worth of shares, during the week. Oil & Gas Marketing attracted the highest interest with net buying of $6.7 million, whereas, Chemicals had a net outflow of $8.6 million.
