KARACHI: The stock market closed flat on Thursday, the last session of the week. Friday being a holiday at the market, investors decided to take profit which saw the index close with addition of a minor 9.32 points at new all-time high 30,474.75.

Foreign investors bought a huge $10.83 million worth stocks, making major investment amounting to $3.8m in cements; $2.7m in oil and gas; $2.1m in chemicals and $1.4m in banking sector.

Initially that provided the bulls the momentum to carry forward the market. Yet as investors got cold feet over the long week-end ahead, the market took a downward trend. The impact of the foreign inflow was offset by heavy sell off by mutual funds to the tune of $7.67m and banks’ disposal of $4.32m worth equity.

Thursday being the last day of the shortened 4-sessions week, brokerage houses came up with their weekly reports. AKD Research stated that as the earnings season was in full swing, the KSE-100 index rose by 249.86 points or 0.83pc to settle at all-time high. Foreign inflows during the week were up 4pc WoW to $25.1m. Top performers for the week included AKBL up 12.7pc WoW due to strong 1HCY14 earnings and ICI higher by 8.3pc WoW. Scrips slipping in value included KEL down4.6pc WoW and SSGC lower 3.7pc WoW.

The major news flow during the week, included SBP keeping the discount rate stable at 10pc; sale of 75.86pc equity stake of LPCL to BWCL; appointment of financial advisers for offloading Fesco, PIA, NPGCL and NPCC and increased uncertainty in global markets due to the Ukraine jet crash and deteriorating situation in Gaza.

However, volumes remained buoyant during the week with average daily turnover rising by 26pc WoW to 165.6m shares.

Published in Dawn, July 25th , 2014