KARACHI: The stock market extended the rally into the last day of the week with KSE-100 index posting a again of 50.72 points to close at 33,993.
Market participants said that 34,000-level was proving a strong resistance. While local participants were seen to engage in day trade, foreign investors bought $5.15 million worth stocks at dips.
The net foreign inflow during the week amounted to $9.33m compared to net outflow of $10.48m the previous week.
Samar Iqbal, VP Equity Sales at Topline Securities, commented that gains by index-heavyweight MCB Bank supported the market to close in the positive. Ahsan Mehanti, analyst at Arif Habib Corp commented that strong earnings announcements and speculations ahead of SBP policy rates decision early next month played a catalyst role in bullish activity at KSE.
Analyst Muhammad Mubeen at JS Global said that the KSE-100 Index witnessed another volatile session on Friday.
Regarding market outlook, analyst Abdul Azeem at Spectrum Research said: “The first LNG shipment coming in near future and improving signs for economy we see a healthy future ahead.” In their weekly report, AKD Securities stated that strong corporate earnings finally led to some positive sentiments after a bout of profit-taking.Engro was up 2.1 per cent, which continued its euphoric growth. Cement sector remained under pressure following the announcement by DGKC to build a 2.5m-tonne plant near Karachi at a cost of $300m. The oil and gas sector posted recovery following a slight rebound in global oil prices.
Weekend report of KASB Securities stated that the market remained range-bound and gave an almost flat closing, despite a strong set of annual/half yearly results and healthy corporate and macro news flow.