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Fluctuated inventories keep oil prices unpredictable

KSE-100 Index after passing through some extremely depressed trading sessions for over a week managed to bounce bank with an impressive gain of 532 points to close in green at 47,889 levels on the last trading session of the week.

According to market analysts, the Index continued its downward trend in the week as building political noise and yet another regulatory action taken by SECP against a broker kept the sentiments in negative.

Index closed the week at 47,889pts, down by 0.7%WoW. FIPI registered net outflow of US$9.3mn. Average volume traded decreased by 37%WoW while average value traded decreased by 27%WoW.

Although the market presented a positive sign after consecutive sluggish trade sessions yet the overall market volume of all-share still remained unimpressive at 152 million as the investors focused only on heavy stocks. The financial, cement, steel sectors remained in the limelight.

Meanwhile international oil prices fell in the previous session after making a high of US$51.85/bbl after EIA’s crude oil inventories data showed a surprise increase of 1.57 million barrels this week. However, analysts believe that the inventory surplus is likely to decline even without a prolonged output.

Sui Southern Gas, Indus Motors, Meezan Bank, Nestle Pakistan Limited and Soneri Bank were the major gainers while National Bank of Pakistan, Indus Dyeing, E.F.U. General Insurance, Nishat (Chunian) Limited, and Crescent Jute were the major losers in the benchmark KSE-100 this week.

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