Karachi: The Karachi Stock Market remained range bound during the week as investors kept on with the sell-on-strength stance, as the benchmark KSE100 declined to 13,799 points level, losing 76 points or 0.55% WoW.
The Intraday volumes also declined by 3.3% WoW averaging 347 million shares with average traded value also declining by 7.2% WoW to stand at $90.9 million. However, foreign investors stood as net buyers with total net FPI inflows of $2.3 million during the week against net outflow of $1.6 million last week.
The monetary policy expectations of a status-quo and break-through in the Pak-US relations with resuming NATO supplies, kept the investors upbeat. In this regard, better sales numbers in auto sector (up 15% QoQ), possible re-initiation of cement exports to India through Wagha border and approval of heavy urea imports excessive to local demand also derived the trends in the market.
On economic front, the numbers emerged during the week posted gloomy picture as trade deficit of the country surged by 72% YoY to $1.4 billion in March 2012. However, a sigh of optimism also intruded as ADB reiterated their expectations for Pak-GDP growth of 3.6% of FY12, whereas growth of 6% in LSM has also been witnessed for February 2012.
On international perspective, KSE’s global significance was again acknowledged with the announcement of inclusion of 10 Pakistani stocks in new MSCI frontier markets 100 index.
The stock brokers and analysts expect the positivity to continue in the next week where the index can be seen hovering over 14,000 points mark. The much-awaited SRO related to reformed CGT regime will remain in the highlights in the coming week, whereas quarterly result announcements of major companies in cement and fertilizer sector will define the short run trends in the market.
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