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Weekly Review : Global Markets tumbled and Karachi stock Market tumbled

karachi stock ExchangeKarachi stock market saw a torrid week as Karachi stock exchange -100 index fell by 72.30 points during the week.The local market followed the pattern of foreign markets as they tumbled due to downfall in the Chinese stock market.Chinese stock market is entered into a crisis after Chinese government decided to devalue its currency this month.The market slowdown also affected the investing habits of the foreign investors at Karachi stock market as they offloaded securities of about $ 42 million during the week.

Karachi stock exchange 100-index made a depressing start with  a 1419 points fall in the index.It showed a decent recovery  in next few days after the recovery made by global stock and oil markets.The market index started the week at the 34519 points and ended the week at the 34447 points.The weekly share trading volume saw  8.6 % increase as it was 1560 million shares  during the current week.

karachi stock market

 

According to the details the major selling took place in the banking ,power and cements sectors.The local and foreign investors were in panic especially after the tumbling of the global stock markets.Following were the major gainer and loser companies at the Karachi stock market during the week.

Top 5 Gainers
Company Rate Turnover*
Open Close Diff High Low Avg.
Pakistan Tobacco Co Ltd [2,554,938,000] 785.00 988.30 203.30 1,001.86 799.98 901.07 53,100
Murree Brewery Co Ltd [230,530,000] 920.00 1,020.00 100.00 1,025.20 930.00 961.18 6,400
Indus Dyeing & Manufacturing Co [180,737,000] 1,140.00 1,200.00 60.00 1,200.00 1,085.00 1,155.12 400
Service Industries Ltd [120,288,000] 780.00 834.73 54.73 834.73 741.00 775.29 15,600
Philip Morris (Pakistan) Limited [615,803,000] 1,230.00 1,280.00 50.00 1,280.00 1,229.00 1,251.82 2,480
Top 5 Losers
Company Rate Turnover*
Open Close Diff High Low Avg.
Unilever Pakistan Food Limited [61,576,000] 8,100.00 7,600.00 -500.00 8,000.00 7,600.00 7,722.17 240
Rafhan Maize Products Ltd [92,364,000] 9,555.00 9,111.00 -444.00 9,555.00 9,111.00 9,333.00 120
Bata Pakistan Ltd [75,600,000] 3,390.00 3,040.00 -350.00 3,300.00 3,040.00 3,199.40 1,120
Island Textile Mills Ltd [5,000,000] 949.71 821.00 -128.71 989.99 820.00 889.33 500
Indus Motor Co Ltd [786,000,000] 1,255.06 1,191.70 -63.36 1,270.86 1,140.00 1,210.26 238,980

Courtesy : Business recorder

Market analysts are expecting an improved performance from the domestic stock market in the upcoming weeks.The main reasons for their optimism is improved macroeconomic outlook of the country and also the expected discount rate cut in the next month.The ongoing political instability and uncertainty can also affect the stock market in forthcoming weeks.So government has to play its part in stabilizing the domestic political and economic environment.

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About Emaad Qureshi