RECORD UPWARD TREND PERSISTS; INVESTORS TO SEE CAUTIOUS MOVE
Activity in the wider Pakistan Stock Exchange (PSX) remained bullish throughout the week. The KSE-100 Index kept moving upward and stay all-time favorite market. This trend invite correction in the market in the due week as analysts expect volatile and range-bound trading with investors looking for institutional flows to gauge market direction. Analysts see the coming week relatively dull as ongoing proceedings on Prime Minister’s family cases related to corruption allegations may kept most investors cautious.
During the week, Panamagate case, the crude oil prices, the announcement of inflation number, the expectation of announcement of textile package and positive development in steel sector kept the market moving but the ongoing hearing of Panama case in Supreme Court may bring a quick result which will have impact on the market.
Last week, the benchmark KSE-100 Index crossed 49,000 points psychological level and ended by achieving another milestone of 49,038.23 points with healthy increase of 324.60 points. There are improved trading on Friday, the last trading day of the week as daily trading volumes increased to 430.724 million shares as compared to 329.241 million shares traded day earlier.
On Monday, the first trading day of the year 2017, the KSE-100 Index gained 433.31 points and closed at 48240.28 points. Like the upward trend in benchmark KSE-100 Index, the KSE-30 Index also went up by 480.32 points and closed at 26624.60 points, while the KSE-All Shares Index increased by 264.07 points.
The shares of 430 companies were traded on Tuesday, in which the share value of 208 companies went up and that of 199 companies went down, while the share value of 23 companies remained unchanged.
The KSE-100 Index gained 2.6% WoW or 1231.26 points . The average volume jumped to 408 million shares from 286 million last week. The capitalization too increased to Rs9.795 trillion.
Over 500 million shares were traded in the market, with the trade value of Rs 27.17 billion, while the market capital increased by Rs 77.41 billion.
In future trading, the share value of 135 companies increased and that of 13 companies decreased.
The New Year’s bullish rally finally resisted at 49,000 levels on Wednesday and the investors decided to book profit. Investors remained cautious and Index closed on Thursday almost flat at 48,713.67 gaining 8.64 points.