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Weekly Report : Karachi stock exchange -100 index fell by 271 points amid falling oil prices

Karachi stock market saw another negative week as Karachi stock exchange -100 index fell by 271 points during the week.The hike in federal reserve interest rates and fall in the international oil prices were the two most important trendsinfluencing the stock market.

The federal reserve increased the interest rates by 25 basis points to 0.5%. Federal reserve was planning to increase these rates for last one year.It also revealed its plans to further increase the interest rates to at least 2.4% by the end of 2017.

The market remained under pressure during the initial days of the week.The most important reason was low oil prices in the international market.The market recovered during the week as new oil discoveries were made by the government of Pakistan.Pakistan Petroleum made very big oil discoveries in Punjab area.

The Karachi stock exchange -100 index started the week at 33048 points and ended the week at 32777 points.The average share trading volume showed an 29.5 % decrease during the week.The weekly share trading volume was 695.5 million shares as compared to 901 million shares volume of the last week.

The banking sector was worst performer of the week.It was also the main reason behind sudden fall in the Karachi stock market.This sector alone contributed 182 negative points to the Karachi stock exchange -100 index.Following are the major gainer and loser companies at the Karachi stock market.

 

Top 5 Gainers
Company Rate Turnover*
Open Close Diff High Low Avg.
Noon Pakistan Ltd [117,612,000] 269.96 344.52 74.56 344.52 257.10 310.14 497,500
AKD Capital Ltd [25,073,000] 290.90 359.46 68.56 359.46 276.36 329.68 27,000
Exide Pakistan Ltd [77,686,000] 922.79 983.60 60.81 1,000.00 920.00 957.26 11,160
Noon Pakistan (Non Voting) Ltd [196,020,000] 199.51 254.60 55.09 254.60 191.00 228.10 512,000
Mari Petroleum Company Limited [1,102,500,000] 658.11 706.38 48.27 722.99 642.05 691.55 4,437,800
Top 5 Losers
Company Rate Turnover*
Open Close Diff High Low Avg.
Rafhan Maize Products Ltd [92,364,000] 9,250.00 8,500.00 -750.00 9,250.00 8,400.00 9,029.24 340
Nestle Pakistan [453,496,000] 7,490.75 7,000.11 -490.64 7,400.00 7,000.00 7,183.67 1,080
Bata Pakistan Ltd [75,600,000] 3,440.09 3,300.00 -140.09 3,489.00 3,300.00 3,317.86 2,520
Indus Dyeing & Manufacturing Co [180,737,000] 1,045.00 992.75 -52.25 1,005.00 992.75 993.16 1,500
Ghandhara Industries Ltd [213,044,000] 324.87 280.50 -44.37 327.30 277.00 298.95 692,000

Source : Business Recorder

The foreign investors are still worried about the future prospects of the local market.They were net sellers at the Karachi stock market as they sold net equities of $ 10.3 million during the week.

Market analysts are expecting a mixed trend in the next week.The international oil prices and the political developments at local political arena can play its part in affecting the domesticmarket.The increase in the foreign exchange reserves and other positive macroeconomic indicators can also affect the market proceedings in upcoming days.

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About Emaad Qureshi