Karachi stock market’s weekly analysis

KARACHI: Karachi stock market merrily basked in bullish spell although last week, as KSE-100 shares index ascended 330 points to wind up this business week at 9886.

The market this week since the very outset started positively, which was further spurred by the stay order of the court against the nomination of non-member chairman of the bourses. Buoyant investors kept showing keen interests in buying of shares.

Tuesday buying spree in cement sector and the discovery of a new reserves of gas played a key-role in further stabilizing the index. Besides invitation of EoI for the privatization of Sui Southern Gas Company Limited (SSGCL) initiated a buying binge in its shares, which persisted even on Wednesday and Thursday, when the index breached 9,900 points after nearly 10 months. However, the market inflicted with a mild shock on the last day of the week could not sustain the index at 9,900 levels.

Volume leaders OGDCL up by Rs2.60 closed at Rs120.60, PTCL gained by Rs0.65 to Rs66.05 and National Bank swelled by Rs17.30 to Rs216.75.

Average turnover last week worked out to 387.4 million shares, while 97.9 million shares transacted on the average in future contracts.