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Booming economy helps market outshine 40K

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Pakistan

KARACHI: Market continued its northwards journey witnessing yet another bullish week closing higher by almost 3.70 per cent. Improvement of credit rating for Pakistan from negative to B3 stable by Moody’s helped market to kickoff bullishly. Reduction in CA deficit and domestic debt assisted market to stay in positive zone. Appreciation of rating for top 5 banks of Pakistan to B3 held banking sector in limelight boosting local investor confidence. Boom in domestic sales number and hike in global crude prices aided market to end the week above 40K.
The benchmark KSE-100 index was higher by 1,444.60 points to close at 40,732.25 points. KSE All Share Index improved by 1,024.92 points to end at 28,863.44, KSE 30-Index enhanced by 588.43 points to conclude at 18,598.68.
The ready market average volume increased by 33.65 per cent to 464.848 million shares compared to 347.807 million shares traded on last week. The market capitalization of KSE higher by Rs 284.892 billion to Rs 7.7969 trillion against Rs 7.5120 trillion observed last week.
K-Electric Limited remained overall volume leader during the week at 127.90 million shares; closed higher by Rs 0.50 at Rs 4.70. Second on the volume leader was Bank of Punjab, increased by Rs 0.52 to close at Rs 12.14 by trading nearly 120.23 million shares. Fauji Cement Company Limited remained as the third volume leader of the week by trading well over 94.72 million shares ascended by Rs 1.37 to close at Rs 17.51.
In the past week 337 scrips traded in which 229 scrips advanced, 94 declined while the value of 14 scrips remained intact.
Nestle Pakistan Limited and Sapphire Textile Mills Limited remained the top gainer by Rs 847.05 and Rs 233.44 to close at Rs 7,245.00 and Rs 1,078.44 respectively, while Island Textile Mills Limited and Exide Pakistan Limited were among the major loser which lost Rs 222.60 and Rs 48.02 to close at Rs 1,341.40 and Rs 265.01 respectively.