RECORDER REVIEW

KARACHI: Karachi stocks market remained almost flat during the three-day trading week which ended on Dec 23. The KSE-100 index closed at 32,500.75 points.

“Benchmark KSE-100 index remained more or less flat during the week,” said analysts at Topline Research. Future roll-over week and continued foreign selling kept the index under pressure, they viewed.

The daily trading volume averaged on 91.3 million shares, down by a significant 34 percent compared to the preceding week’s turnover. Likewise, the average value of stocks traded depreciated 24 percent Week-on-Week to Rs 6.6 billion or $ 62.5 million. “The decline in volumes can be attributed to the short work week,” said the market observers. The week’s top gainers were scrips from software and computer services as these grew by 7.5 percent. Financial services and food producers have increased by 2.2 and 2.5 percent respectively.

General industrials and multi-utilities were major losers with 6.4 and 6.1 percent fall, respectively. Foreigners were net sellers of US$1.8m over the week. Major selling was seen in Banking and Oil & Gas sector with $7.3 million and $2.7 million, respectively.

Important highlights of the week included banking spread in Nov 2015 declining 5.29 percent versus 5.34 percent in previous month and 5.82 percent in Nov 2014, country’s foreign exchange reserves swelling beyond historic $ 21 billion, SBP issuing data of scheduled banks’ advances up 6 percent YTD, government announcing the financial close for 1,320MW coal-based power project at Port Qasim and Crescent Star Insurance’s subsidiary Crescent Star Foods (Golden Chick) having inked an agreement for opening a restaurant in DHA , Lahore.