Karachi: The Karachi Stock Exchange (KSE) has continued its positive momentum during the week as index closed at 13,353 points , gaining 263 points during the week.
The intraday volumes shot to 553 million shares on the last trading session. However, the index heavyweights remained silent where most of the activity was seen in low tier scrips as average traded value of the market declined by 11.3% WoW to US$ 79.2 million.
The ongoing rally in the market was further supported by S&P stance for maintaining the current rating of Pakistan to B-/Stable, though it stood cautious over the on-going political rift in the country.
As far as foreign private investment is concerned, market witnessed an inflow of $ 7.5 million during the week as compare to inflow of $ 5.6 million in the previous week.
The government resuming the privatization program to fetch Rs.30-35 billion was duly welcomed.
The increase in cement dispatches by 3.48% to 20.45 million tones during 8MFY12, increase in export prices to Afghanistan and prospects of cement exports to Saudi Arabia kept the cement scrips in limelight.
In addition to that, bumper wheat production during current season and expectations of 4 percent of GDP growth this year by Finance Ministry also kept the market upbeat. Auto sector performance by the end of the week also provided some support.
The auto sales (car, LCV, and pickup) in the 8MFY12 improved by 16 percent YoY to 111.9k units.
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