Karachi Stock Exchange Weekly Analysis 5 December, 2010

In Karachi Stock Exchange (KSE), index performance was bullish continuously, consistently and constantly. The Karachi Stock Market has crossed the psychological level of 11,400 points and climbed up to 31 - month’s (since July, 2008) high level. The Karachi Stock Exchange (KSE) 100-share index closed at 11,407 points by gaining 264 points or 2.4 percent.

Following news have played vital role in Karachi Stock Market index movement:

  • Strong buying was witnessed by foreign portfolio investors, in blue chips especially in Banks, Oil & Gas sector and record earning outlook
  • International oil prices are increasing continuously and reached over $88 per barrel
  • OGRA (Oil and Gas Regulation Authority) reduces refinery, OMC margins
  • Bullish activities were also witnessed in global capital markets on economic optimism
  • SBP (State Bank of Pakistan) has announced third consecutive 50 basis point hike in discount rate in monetary policy
  • Release of next IMF tranche and RGST (Reformed General Sales Tax) approval will set the direction Karachi Stock Market in next week
  • Currently KSE market is ignoring the disclosure of WikiLeaks, but it can affect market movement in upcoming days
  • Fertilizers gained on better October sales with Fauji Fertilizer Bin Qasim outperforming the market by 1.74 percent and ENGRO by 0.65 percent

NML, POL, PSO, NBP and ENGRO constituted 76 percent of the total market. KASB Bank, PICIC Growth Fund, Pakistan Refinery, DG Khan Cement and East West Insurance were major gainers while Media Times, Pakistan Telephone, Lakson Tobacco, Colgate Palmolive and Sui South Gas were major losers at Karachi Stock Market last week.

NOTE: The information posted in this blog (forum) is based on current afairs & invstors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram

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