Karachi—Despite a two-day holiday, the KSE-100 Index continued to add points to its already historic highs, gaining 263.83 points or 0.64 per cent week-on-week to finish at 41,464.31 points.
The index ended positive in all three trading sessions, but under different circumstances as Monday saw across-the-board interest before profit-booking erased almost all gains on Thursday. A negative start, however, ended positive on the last trading day of the week as the index treaded carefully but steadily upwards.
Car sales data attracted investors towards the automobile sector with banking stocks remaining among the favourites this week. Talk of a freeze on crude output meant the oil and gas sector remained in the limelight with prices hovering around the $50 per barrel mark. However, macroeconomic indicators continued to be a worry. A widening trade deficit and falling remittances meant economic managers have much to be concerned about. With recommendations of currency depreciation making the rounds and local cement sales showing a slowdown in growth, investors are likely to remain cautious.
Rising oil and coal prices meant that one of the key ingredients pushed the cost of producing cement up, cutting into industry profit. Telecom and gas utilities too witnessed slipping share prices in the week. The already contentious issue of balance of payments became all the more compounded with the remittance data for the first quarter (Jul-Sep) showing precipitous drop of 5 per cent and even a more alarming 9 per cent drop for September.
The overall activity also tumbled during the week as average traded value and volume clocked in at $132 million (-19 per cent WoW) and 404 million shares per day (-33 per cent WoW), respectively.
Breaking the sixth week bearish streak of foreign selling, the foreign investors were net buyers this time round with net purchases of $2.2 million.
Crescent Steel and Allied Products Limited manufactures steel lined pipes and multi-layer pipe coatings, which are used for water, oil and gas transmission. The company also has a cotton division that manufactures cotton yarn. Philip Morris Pakistan Limited manufactures and sells tobacco and cigarettes. The Bank of Punjab (Pakistan) operates under the status of a scheduled bank in Pakistan. The bank provides commercial banking services. Sui Southern Gas Company Limited transmits and distributes natural gas, and constructs high-pressure transmission and low pressure distribution systems.