Karachi stock market continued its downward slide ,as Karachi stock exchange 100-index decreased by 360 points during the week.The two main reasons for this slide were profit taking by the investors and absence of any positive news about the market.Most of the investors took a back-seat,as they were confused about the market due to continued downward slide of the market.
The Karachi stock market value decreased by Rs 0.12 Trillions as it decreased from Rs 7.74 Trillions to Rs 7.62 Trillions during the week.The average weekly share trade volume also decreased by approx 19 % during the week,as it was 857.5 million shares as compared to the last week figure of Rs 1060 million shares.The following are the major gainers and losers of the week at the Karachi stock market.
The oil and gas sector companies were the main losers of the week,as their share prices fell by 1.5% during the week.Pakistan state oil,Attock refinery and Pakistan oil fields were the main affectees of the stock market decline.The banking sector prices decreased by 1.4%,as its main share MCB lost its 3% value during the week.
The Fertilizer sector was the only star performer in this stock market turmoil ,as its main shares Engro Corporation ,Fuji Fertilizer, Fauji Fertilizer Bin Qasim, saw their prices increase by 2.8%, 3.4% and 5% respectively.
According to the market analysts,significant improvement in the market performance is expected next week.It is expected that low inflation results and as a result expected decrease in the discount rates will positively move the market in coming weeks.