KSE index rebounds sharply FY10
Monday, 28 June 2010
KARACHI, June 27 (Business Recorder): After difficult two years, the KSE-100 Index rebounded sharply in FY10, posting a return of 37 per cent, marking its finest performance since FY07, analysts said.
The market recovery was broad-based and automobile & parts and oil & gas sectors were the key outperformers during the year, gaining by 29 per cent and 12 per cent, respectively.
"Automobile & parts rallied on the back of a pick-up in auto sales while upward revision in wellhead gas prices and higher production flows were primary drivers for the oil & gas sector", Atif Zafar, an analyst at JS Global Capital, said.
On the contrary, construction & materials and financial services were major laggards of the year, underperforming the index by 49 per cent and 63 per cent, respectively, he added.
He said that depressed financial markets and substantially low cement prices were main reasons behind their underperformance, respectively.
The market recovery was broad-based and automobile & parts and oil & gas sectors were the key outperformers during the year, gaining by 29 per cent and 12 per cent, respectively.
"Automobile & parts rallied on the back of a pick-up in auto sales while upward revision in wellhead gas prices and higher production flows were primary drivers for the oil & gas sector", Atif Zafar, an analyst at JS Global Capital, said.
On the contrary, construction & materials and financial services were major laggards of the year, underperforming the index by 49 per cent and 63 per cent, respectively, he added.
He said that depressed financial markets and substantially low cement prices were main reasons behind their underperformance, respectively.