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Ease in political noise keeps market bullish - FINANCIAL-24

Ghulam Raza Rajani

KARACHI: Market stay bullish in current week as index went on to make series of new highs records. End of political uncertainty and resolution of dawn leak scandal led to increase in market. Nervousness in minds of investors eased out as participation volumes increased. MSCI transaction triggered interest from foreigners to increase this assisted market to remain on positive track. MSCI related scrips remained in limelight boosting market growth. Boom in global crude prices was another reason for market increase. Other news affecting market was IPO of Ittefaq Iron industries, increase in budget and decline in cement exports.

Benchmark KSE-100 index increased by 1,899.78 points to close at 51,750.91 points. KSE All Share Index improved by 1,211.32 points to end at 35,355.64, KSE 30-Index ascended by 1,078.11 points to conclude at 27,529.08.

The ready market average volume recovered by 34.60 per cent to 355.06 million shares compared to 263.79 million shares traded in last week. The market capitalization of KSE ascended by Rs 326.90 billion to Rs 10.180 trillion against Rs 9.853 trillion observed last week.

Engro Polymer Limited remained overall volume leader during the week at 100.33 million shares, declined by Rs 0.42 to close at Rs 30.51. Second on the volume leader was Worldcall Telecom Limited, increased by Rs 0.42 to close at Rs 2.95 by trading nearly 93.14 million shares. TRG Pakistan Limited was the third volume leader of the week trading well over by 84.77 million shares enhanced by Rs 1.95 to close at Rs 57.86.

In the past week 371 scrips traded in which 230 scrips advanced, 121 declined while the value of 20 scrips remained intact.

Nestle Pakistan Limited and Sapphire Textile Mills Limited remained the top gainer by Rs 695.00 and Rs 329.97 to close at Rs 9,850.00 and Rs 2,215.97 respectively, while Unilever Pakistan Foods Limited and Bata Pakistan Limited were among the major losers which lost Rs 299.00 and Rs 200.00 to close at Rs 6,400.00 and Rs 3,800.00 respectively.

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