Pakistan stock market saw another negative week as the Karachi stock exchange-100 index dropped by 1533 points during the week.The negative outlook of the international stock markets and slump in the international oil prices were the two main reasons for this negativity at the market.
The Karachistock exchange -100 index started the week at 32534 points and ended the week at 31001 points.The average share trading volume increased by 10 % during the week.The average daily share volume was 657 million shares this week as compared to 599 million shares last week.
Domestic investors took a backseat due to falling oil prices and also due to poor performance of the regional stock markets.Foreign investors showed some interest in the domestic stock market as they bought net equity of 1.2 million during the week.
Best and worst performers
The oil and gas sector was the worst performer of the week at the stock market.The prices of its major shares fell at very fast rates during the week.The shares prices of OGDCL and PPL fell by 10.48 % and 11.65 % respectively.
The Cement sector was the best performer of the week.The prices of its major shares rose by a considerable margin during the week.The shares prices of Cherat cement and lucky cement increased by 2.86 % and 19.55 % respectively.
Following were major loser and gainer companies of the week
|Bata Pakistan Ltd [75,600,000]||3,200.00||3,300.00||100.00||3,464.00||3,300.00||3,316.40||3,220|
|Ghandhara Industries Ltd [213,044,000]||342.40||419.95||77.55||419.95||343.10||385.46||1,204,700|
|Philip Morris (Pakistan) Limited [615,803,000]||1,685.20||1,733.66||48.46||1,769.46||1,600.94||1,733.66||2,000|
|Noon Pakistan Ltd [117,612,000]||241.80||289.18||47.38||289.18||235.01||260.74||384,000|
|Colgate Palmolive (Pakistan) Ltd [479,549,000]||1,494.80||1,540.00||45.20||1,550.00||1,510.00||1,531.25||800|
|Rafhan Maize Products Ltd [92,364,000]||8,700.00||8,500.00||-200.00||8,500.00||7,900.00||8,298.33||180|
|Mari Petroleum Company Limited [1,102,500,000]||712.81||590.16||-122.65||717.49||583.00||652.59||1,963,300|
|Nestle Pakistan [453,496,000]||7,530.00||7,449.00||-81.00||7,449.00||7,400.00||7,341.50||40|
|Murree Brewery Co Ltd [230,530,000]||913.31||845.00||-68.31||927.65||840.00||871.32||1,020|
|Ferozsons (Laboratories) Ltd [301,868,000]||1,268.65||1,207.12||-61.53||1,285.00||1,180.00||1,243.76||154,550|
Source : Business Recorder
Market analysts are expecting a grim outlook of the local market in upcoming week.According to them, increasing oil supply in the international market will negatively affect the domestic stock market.The poor performance by the international stock markets will also affect the future prospects of the local market.Investors should adopt buy and hold investing strategy to reap benefits from their investments in the near future.