Weekly report and activities

20 march 14 march

Karachi share market on Thursday started on a positive note and the KSE-100 index briefly crossed 15,000 psychological level to hit 15,046.80 points intra-day high on the back of fresh buying. But the index could not sustain that level as the investors preferred to book profits ahead of long weekend.

On the other hand, declining international markets and adjustment in oil prices also created selling pressure and the index dropped in negative zone to reach at 14,823.45 points intra-day low level. Announcement of new discoveries and accumulation mainly by the locals in the index, heavy weights and low priced banking stocks, however, not only addressed the low turnover, but also contributed well to the index and the KSE-100 index witnessed a recovery Technically, the index will continue to face resistance around 15,050-15,057, while main support stays at 14,727-14,733. Next week being rollover week an added pressure is likely to be witnessed at the local bourses as after a long time, the outstanding amount is at almost Rs 32 billion. With CFS capped the roll over week may witness added pressure, however, any positive news from political front can reduce this pressure.

Next Week triggers During the week, announcement of the prime minster is expected, no matter what name comes to the lime tight, market will take a sigh of relief, as an uncertainty will be over.

Picks for the next week The oil sector will play a vital role in the next weeks performance, and stocks like, POL, OGDC, and PPL will remain buoyant during the week. Stock of JSCL is offering its GDR in the international market, and will become first Investment Company to offer the GDR. Market is targeting a price level of 1,200 during next month.