Karachi stock market saw a torrid week as Karachi stock exchange -100 index fell by 72.30 points during the week.The local market followed the pattern of foreign markets as they tumbled due to downfall in the Chinese stock market.Chinese stock market is entered into a crisis after Chinese government decided to devalue its currency this month.The market slowdown also affected the investing habits of the foreign investors at Karachi stock market as they offloaded securities of about $ 42 million during the week.
Karachi stock exchange 100-index made a depressing start with a 1419 points fall in the index.It showed a decent recovery in next few days after the recovery made by global stock and oil markets.The market index started the week at the 34519 points and ended the week at the 34447 points.The weekly share trading volume saw 8.6 % increase as it was 1560 million shares during the current week.
According to the details the major selling took place in the banking ,power and cements sectors.The local and foreign investors were in panic especially after the tumbling of the global stock markets.Following were the major gainer and loser companies at the Karachi stock market during the week.
|Pakistan Tobacco Co Ltd [2,554,938,000]||785.00||988.30||203.30||1,001.86||799.98||901.07||53,100|
|Murree Brewery Co Ltd [230,530,000]||920.00||1,020.00||100.00||1,025.20||930.00||961.18||6,400|
|Indus Dyeing & Manufacturing Co [180,737,000]||1,140.00||1,200.00||60.00||1,200.00||1,085.00||1,155.12||400|
|Service Industries Ltd [120,288,000]||780.00||834.73||54.73||834.73||741.00||775.29||15,600|
|Philip Morris (Pakistan) Limited [615,803,000]||1,230.00||1,280.00||50.00||1,280.00||1,229.00||1,251.82||2,480|
|Unilever Pakistan Food Limited [61,576,000]||8,100.00||7,600.00||-500.00||8,000.00||7,600.00||7,722.17||240|
|Rafhan Maize Products Ltd [92,364,000]||9,555.00||9,111.00||-444.00||9,555.00||9,111.00||9,333.00||120|
|Bata Pakistan Ltd [75,600,000]||3,390.00||3,040.00||-350.00||3,300.00||3,040.00||3,199.40||1,120|
|Island Textile Mills Ltd [5,000,000]||949.71||821.00||-128.71||989.99||820.00||889.33||500|
|Indus Motor Co Ltd [786,000,000]||1,255.06||1,191.70||-63.36||1,270.86||1,140.00||1,210.26||238,980|
Courtesy : Business recorder
Market analysts are expecting an improved performance from the domestic stock market in the upcoming weeks.The main reasons for their optimism is improved macroeconomic outlook of the country and also the expected discount rate cut in the next month.The ongoing political instability and uncertainty can also affect the stock market in forthcoming weeks.So government has to play its part in stabilizing the domestic political and economic environment.