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Market recovers 2.4pc wow after recent bearish trend

The stock remained declining since Sept 24 and the KSE-100 index from 41,000 came down as low as 36,000. There was recovery in the market and KSE-100 index climbed to 38,430.27 on this Friday on expectation of some hectic meetings between brokers and assurance by Finance Minister. On this Saturday meeting is expected at PSX Building Karachi with the Finance Minister. On Friday AGM of Pakistan Stock Exchange also took place.

The KSE-100 index gained 912.34 points during the week with average volume increased to 199m shares and market capitalization improve to Rs.7,841 from 7.705 last week.

On Monday, Index dropped 750 points to close at36.767.57. The foreigners continued to be seller in the market $3.20. The major fear for investors seems to be probability of easing out from MSCI emerging market index in the semi-annual review in November.

The selling pressure of foreigners on Tuesday continued. It was $4,41m as four of the five stocks representing Pakistan in MSCI EM index fell cumulatively taking 119 points from the Index. The Index closed at 36,663.36 down by 104.19 points.

On Wednesday KSE-100 Index jumped by 983.96 on the Finance Minister statement of Finance Minister Asad Umar that the first tranche of IMF loan may be received in two months accompanied by around $5 billion from the World Bank and Asian Development Bank. There was also relief rally across all global indices, the market closed at 37,647.34.

The gain in the stock continued on Thursday by 334.91 points to close at 37,982.25. The Fertilizer sector played the key role with Lotte Chemical, TRG Pakistan and Engro Polymer and Chemicals.

On Friday stocks added another 448.02 points to close at 38,430.27. The volume increased to 231m. There was choppy trading during the day.



On average shares of 379 companies were traded. Of these 232 were gainer and 131 were loser and 16 remained unchanged.

Foreigners were net seller $19.06m during the week; companies were buyer by $5.80m, Banks were buyer $0.92m ; Mutual fund net seller $2.69m and individuals net buyers$5.11m.

Volume leaders during the week were: TRG Pak Ltd 75m; Lottee Chemical 57m; World Call Telecom 40m; Engro Polymer 31 m; Pak Elektron 24m; Bank of Punjab & Nimir Resins 21m each; Aisha Steel Mills 11m; Unity Foods 9 m; K-Electric & Descon Oxychem 8 m each.

  • Government accepted stock brokers demand after a delegation of PSX stock brokers Association on Monday met with Finance Minister Asad Umar and SECP Chairman Shaukat Hussain.
  • $30 billion need to support external financing needs: Moody.
  • PM likely to visit Saudi Arabia.
  • Pakistan will explore possibilities of bilateral trade between Pakistan and China in local currency and conversion of G2G dollar loans into renminbi.
  • Further decline in forex reserves by $218.9 million to settle at $8.1 billion.

Technically the Index is expected to go to high of 39,027. Support in the range of 37,570-37,870. The RSI and stochastic Oscillator are heading up support a recovery view.

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