The Rise of Pakistan
The Market closed the week 349pts plus at 31298. Average volumes were 116mln shares down 20pc Wow and value traded was down 12pc at Rs 7bln. For the most part the market was caught up in between regional market movement and international crude oil price fluctuations.
The only noteworthy performer this week was NRL which rose 9.5pc. FEROZ lost 13pc. Talk of output cuts by oil producers lifted sentiment in international crude markets giving support to local oil stocks propping up an otherwise battered local exchange.
Kohat Cement announced a strong set of earnings closing up 9pc for the week. Similarly FFC earnings were better than market expectations.
Foreign outflow during the week came in at USD7mln compared to USD32mln last week.
The index closed up 90pts. The Index was supported by oil stocks which were supported by relatively firm international crude oil prices. Turnover was low at 85mln shares. Today's net foreign inflow was USD2mln.
Pakistan expects half of the $1 billion it’s seeking for clean-energy projects this year to come from China after an agreement between the two nations aimed at helping the government in Islamabad develop its infrastructure for years to come.
The index closed up 27pts to close at 31101. The opening was good with the market going up by about 300pts but later succumbing to selling due to crude oil weakness. Market direction remains unclear with external factors heavily influencing it. Fauji Fertilizer announced better than expected results today while Efoods earnings weren't up to the mark.
Net Foreign Selling
The market closed at yesterday's level after staying negative for most of the trading session. FFBL's EPS lent support to sentiment. Cements and refineries saw good activity. NRL and PRL closed up 4.5pc. FEROZ dipped by 5pc. DGKC was the top stock by value today and rose 3.5pc.
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