Market Summary
The market continued to depict a bullish momentum throughout the week registering a 77 point gain on Friday to close off trading at 11,960 with the main catalyst being the acceptance of reforms over capital gains tax proposals. Investor trading activity was heavily dominant in the oil and fertilizer sector. The index surpassed the 12,000 benchmark several times during the week indicating positive investor sentiment.
On Friday, a total of 88 stocks gained, 121 lost and 98 were unchanged. Market turnover fell to 20.86 percent and the overall market capitalization rose by 0.58 percent to PKR 3.105 trillion compared to PKR 3.087 trillion last week. Midweek, trading volumes were subject to the deteriorating law and order situation in Karachi, but bounced back on rising international oil prices which renewed investor interest. Furthermore, overvalued fertilizer scrips and positive earnings announcements also pushed trade to take positions in that sector.
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