Karachi stock market recovered a bit,as Karachi stock exchange-100 index rose by 451 points during the week.Good news about the local economy and interest rate reduction by the State bank of Pakistan were two main reasons for this mild recovery.Investors are still taking a back seat due to upcoming federal budget 2014-15 expected in the next week.The news reports about the imposition of new taxes in the budget are worrying investors. The expected increase in gas tariffs are also creating panic in their minds.
The Karachi stock exchange-100 index started the week at 32605 points and ended the week at 33056 points .The average weekly shares trading volume was 930 million shares as compared to 545 million shares in the last week.It is 70% week to week increase in the share trading volume at the Karachi stock market.Following are the major gainers and losers at the market.
|Pakistan Tobacco Co Ltd [2,554,938,000]||857.85||984.08||126.23||984.13||814.96||896.71||49,300|
|Indus Motor Co Ltd [786,000,000]||1,123.20||1,245.07||121.87||1,249.99||1,130.00||1,181.29||122,450|
|Indus Dyeing & Manufacturing Co [180,737,000]||869.20||898.98||29.78||927.49||860.00||881.97||2,700|
|Island Textile Mills Ltd [5,000,000]||665.10||694.50||29.40||694.50||632.00||652.13||200|
|Attock Petroleum Limited [829,440,000]||520.00||549.09||29.09||553.00||520.00||530.31||108,600|
|Hino Pak Motors Ltd [124,006,000]||1,058.37||940.72||-117.65||1,069.00||911.00||962.55||103,700|
|Shezan International Ltd [79,860,000]||985.00||900.00||-85.00||950.00||890.00||955.39||450|
|Sanofi-Aventis Ltd [96,448,000]||648.99||600.00||-48.99||618.00||600.00||611.65||550|
|Bata Pakistan Ltd [75,600,000]||3,228.58||3,190.00||-38.58||3,200.00||3,190.00||3,196.67||20|
|Service Industries Ltd [120,288,000]||707.00||669.09||-37.91||694.00||658.35||679.47||29,400|
Source : Business recorder
The Cement and electricity sector performed very well throughout the week ,as their earnings increased after the reduction of the discount rates.These sectors added 215 points to the market index during the week.
Market experts are expecting a mixed market trend in the upcoming week.This market trend will be mainly influenced by Federal budget and new CGT rates . It is expected that banking sector will be affected by the imposition of new taxes in the federal budget 2014-15.Stock investors must hold their investments and wait till the federal budget 2014-15.