Market gains following IMF deal

During the week, the All Share Price Index (ASPI) gained 93.61points to close at 6,516.26while the S&PSL20 gained 39.71points to close at 3,435.55.

The daily average turnover was recorded at Rs.732mncompared to Rs.640mn reported during the previous week. Foreign buying for the week was Rs.1,504mn and foreign selling was Rs.1,354mn.

On Monday JKH posted the day’s largest turnover of Rs.159mn with 1mn shares traded, but the share price declined Rs.3.10 to close at 152.20. There was less activity in all other shares and total turnover for the day was limited to Rs.437mn.

Market bounced back on Tuesday with ASPI and S&PSL20 gaining 25.76 points and 28.14 points respectively. Total turnover for the day amounted to Rs.540mn to which the largest contribution of Rs.115mn was made by Asiri Hospitals (ASIR) with 4.1mn shares traded.

On Wednesday, the market closed on a positive note; ASPI gained 28.95 points while S&PSL20 gained 7.32 points.

HNB nonvoting share continued to top the list on Thursday where 768,987 shares changed hands for Rs.135mn. ASPI gained 8.29 points while S&PSL20 declined 7.15 points.

The ASPI and S&PSL20 gained 73.73 points and 37.72 points respectively while total turnover reached Rs.1.53bn on Friday. Nearly 1.4mn shares of Distilleries changed hands for Rs.306mn and the share closed up Rs.1.40.