Byline: AMANULLAH BASHAR
KSE-100 INDEX CLOSES 1.4 PERCENT HIGHER
KSE-100 Index passed through the week in a zigzag manner yet closes 1.4 percent higher after adding 81 points at 33,977 levels here on the last trading session of the week.
There was good news for the oil based stocks from the international oil market, which rallied for the last two days. The crude prices rose above US$38/bbl on Friday after dipping on Thursday.
Buyers reacted to Moody's report, which expected Germany growth to accelerate slightly. Analysts, however, believe the recent rally may not last much longer. Supporting this view was data from Iraq, which showed that exports from southern ports rose to 3.5mnbbl from 3.29mnbbl.
Meanwhile the positive support from the corporate results, however, was a strong encouraging to the investors keeping positive market activity. The market sentiment this week remained positive at large as market closed 1.47% higher at 33,968, driven by proposed regulations by SECP in a bid to improve market liquidity, and upcoming result season.
The Foreign Institutional Portfolio Investment (FIPI) also witnessed a net inflow of US$27.6mn (including US$28mn regarding Vitol's purchase of 15% shares in Hascol) vs US$9.6mn outflow last week.
The key highlight for the week was impressive volumes in the second-tier stocks as average traded volume/value witnessed jumped by 97%/44% to $275mn shares and $100mn respectively.
Hum Network Limited, Nestle Pakistan Limited, TRG Pakistan, PTCL and Ibrahim Fibers were the major gainers while Murree Brewery, EFU General Insurance, Indus Dyeing, National Foods and Allied Bank Limited were the major losers in the benchmark KSE-100 Index this week.