Karachi stock market saw another negative week as Karachi stock exchange -100 index fell by 271 points during the week.The hike in federal reserve interest rates and fall in the international oil prices were the two most important trendsinfluencing the stock market.
The federal reserve increased the interest rates by 25 basis points to 0.5%. Federal reserve was planning to increase these rates for last one year.It also revealed its plans to further increase the interest rates to at least 2.4% by the end of 2017.
The market remained under pressure during the initial days of the week.The most important reason was low oil prices in the international market.The market recovered during the week as new oil discoveries were made by the government of Pakistan.Pakistan Petroleum made very big oil discoveries in Punjab area.
The Karachi stock exchange -100 index started the week at 33048 points and ended the week at 32777 points.The average share trading volume showed an 29.5 % decrease during the week.The weekly share trading volume was 695.5 million shares as compared to 901 million shares volume of the last week.
The banking sector was worst performer of the week.It was also the main reason behind sudden fall in the Karachi stock market.This sector alone contributed 182 negative points to the Karachi stock exchange -100 index.Following are the major gainer and loser companies at the Karachi stock market.
|Noon Pakistan Ltd [117,612,000]||269.96||344.52||74.56||344.52||257.10||310.14||497,500|
|AKD Capital Ltd [25,073,000]||290.90||359.46||68.56||359.46||276.36||329.68||27,000|
|Exide Pakistan Ltd [77,686,000]||922.79||983.60||60.81||1,000.00||920.00||957.26||11,160|
|Noon Pakistan (Non Voting) Ltd [196,020,000]||199.51||254.60||55.09||254.60||191.00||228.10||512,000|
|Mari Petroleum Company Limited [1,102,500,000]||658.11||706.38||48.27||722.99||642.05||691.55||4,437,800|
|Rafhan Maize Products Ltd [92,364,000]||9,250.00||8,500.00||-750.00||9,250.00||8,400.00||9,029.24||340|
|Nestle Pakistan [453,496,000]||7,490.75||7,000.11||-490.64||7,400.00||7,000.00||7,183.67||1,080|
|Bata Pakistan Ltd [75,600,000]||3,440.09||3,300.00||-140.09||3,489.00||3,300.00||3,317.86||2,520|
|Indus Dyeing & Manufacturing Co [180,737,000]||1,045.00||992.75||-52.25||1,005.00||992.75||993.16||1,500|
|Ghandhara Industries Ltd [213,044,000]||324.87||280.50||-44.37||327.30||277.00||298.95||692,000|
Source : Business Recorder
The foreign investors are still worried about the future prospects of the local market.They were net sellers at the Karachi stock market as they sold net equities of $ 10.3 million during the week.
Market analysts are expecting a mixed trend in the next week.The international oil prices and the political developments at local political arena can play its part in affecting the domesticmarket.The increase in the foreign exchange reserves and other positive macroeconomic indicators can also affect the market proceedings in upcoming days.