Karachi stock market lost 713 points this week mainly due to profit taking by foreign as well local investors.This long awaited profit taking ended the rising trend of the Karachi stock exchange 100-index.After first four depressing days market recovered a bit on the final trading day,as it gained 157 points.Following are the top 10 gainers and losers of the week.
The Karachi Stock exchange -100 index started the week at 34656 points and ended the week at 33943 points.The market value fell to Rs 7.73 trillion during the week.The weekly share trading volume decreased by 17.1% to 1359 million shares.
The major losers of the week were financial and energy sectors,as their two major companies OGDCL and MCB had a horrible time during the week.The share prices of OGDCL and MCB fell by 2.7% and 4.5%.The Karachi stock exchange-100 index lost 190 points only due to these two companies.
Following news affected the weekly proceedings of the Karachi stock market
- Foreign remittances were $10.36 Billion for the first seven months
- Foreign exchange reserves of the country touched the $15.24 Billion mark
- USA has announced to released $700 Million for Pakistan under the coalition support fund
- Weekly inflation decreased by 0.55 %
- IMF decided to release seventh installment of their loan program to Pakistan
Karachi Stock market next week
Foreign and local investors will remain cautious next week,as Karachi stock market showed a very negative trend this week.The market trend is also dependent on the expected financial results of some big companies.Some market experts are also expecting more profit taking from the investors in the coming week.