Share market remains range-bound
Tuesday, 27 April 2010
KARACHI, Apr 26 (Business Recorder): Despite strong results, range-bound activity was witnessed at Karachi share market during the week ended on April 24 and the KSE-100 index lost 52.18 points to close the week at 10,607.03 points.
Continuous foreign investors' interest failed to boost trading activity and the average daily volume at ready counter declined to 157.81 million shares, or 38.4 per cent, as compared to previous week's 256.61 million shares.
Market capitalisation declined by Rs 10 billion to 3.007 trillion. Foreign investors' interest continued with a net inflow of $16.5 million during the week. Individual local investors and banks, however, remained net sellers of shares worth $3.1 million and 7.6 million respectively.
On Monday, the index closed at 10,669.88 points level with a gain 10.67 points with trading volume of 166.922 million shares.
On Tuesday, the index lost 28.36 points to close at 10,641.52 points with 137.058 million shares.
On Wednesday, the index lost 51.31 points to close at 10,590.21 points level with 145.502 million shares.
On Thursday, the index recovered 24.94 points to close at 10,615.15 points level with 185.713 million shares. On Friday, the index lost 8.12 points to close at 10,607.03 points with 153.863 million shares.
Rabia Tariq, analyst at JS Global Capital, said that the week kicked off in anticipation of major corporate result announcements. However, despite strong results from POL, PSO and HBL, the market sentiment remained weak. The two-day energy summit was another area of focal interest, which, too, failed to hold the market interest for long.
Saeed Khalid at Invest Capital and Securities said that the index KSE-100 remained range-bound during the week. The market was mainly surrounded by mixed sentiment despite a good result season, and led to the profit-taking.
Continuous foreign investors' interest failed to boost trading activity and the average daily volume at ready counter declined to 157.81 million shares, or 38.4 per cent, as compared to previous week's 256.61 million shares.
Market capitalisation declined by Rs 10 billion to 3.007 trillion. Foreign investors' interest continued with a net inflow of $16.5 million during the week. Individual local investors and banks, however, remained net sellers of shares worth $3.1 million and 7.6 million respectively.
On Monday, the index closed at 10,669.88 points level with a gain 10.67 points with trading volume of 166.922 million shares.
On Tuesday, the index lost 28.36 points to close at 10,641.52 points with 137.058 million shares.
On Wednesday, the index lost 51.31 points to close at 10,590.21 points level with 145.502 million shares.
On Thursday, the index recovered 24.94 points to close at 10,615.15 points level with 185.713 million shares. On Friday, the index lost 8.12 points to close at 10,607.03 points with 153.863 million shares.
Rabia Tariq, analyst at JS Global Capital, said that the week kicked off in anticipation of major corporate result announcements. However, despite strong results from POL, PSO and HBL, the market sentiment remained weak. The two-day energy summit was another area of focal interest, which, too, failed to hold the market interest for long.
Saeed Khalid at Invest Capital and Securities said that the index KSE-100 remained range-bound during the week. The market was mainly surrounded by mixed sentiment despite a good result season, and led to the profit-taking.