IN line with bullish trends witnessed over the last month, the KSE-100 index rose once again by 141.72 points over the last week to reach 16,243.27 points. In contrast to the rise, turnover fell to 583.41 million, lower by 18.1 million.

However, overall trading value rose to Rs22 billion, higher by over Rs 5 billion.

Monday’s trading saw the market higher by 54.81 points, with turnover slightly lower at 142.88 million shares. Investors’ treaded cautiously on new positions and instead chose to book profits. The energy and banking sectors were seen active, supported by the fertiliser sector which was awaiting ECC’s approval for regular gas supply for the industry.

The oil exploration sector got a significant boost by completion of MOL’s drilling in the TAL block which resulted in a significant oil and gas discovery.

Foreign investors were net sellers for the day, offloading shares valued at $3.22 million. Mutual funds were major buyers with purchases worth $2.13 million.

Tuesday saw the index fall by 105.22 points owing to profit-taking by investors. Turnover dropped to 129 million shares and trading value fell by almost Rs1 billion compared to the previous day. The statement by the army chief turned market sentiment bearish. The cement sector reported dispatch growth of 0.4 per cent for the first four months of the fiscal year, while exports dropped by 7.5 per cent, leading to selling of its shares. Foreign investors sold shares worth $115,937, while corporations led profit-taking with equity worth $2 million sold.

Stocks reached another record on Wednesday, with the reelection of US president Barack Obama. The index rose by 166 points, while trading volume increased to 158.55 million shares. Energy and banking stocks made major gains while the cement sector led volumes. Foreigners and banks were net buyers, with equity purchases of $2.74 million and $10 million respectively.

Energy and banking stocks pushed the market higher on Thursday, the weeks last trading day, with the index growing by 25.26 points.

Turnover stood at 152.94 million shares, slightly lower than the previous day, with higher institutional selling witnessed.

Foreigners’ purchases were exceptional, totaling $15.68 million. Corporations, however, were major sellers of shares worth $14.8 million. Market stimulus also came in the form of ECC’s approval of 75mmcfd gas supply to fertiliser industries for the winter. The Lahore High Court also extended International Clearing House hearing to November 14. Other strong influences in the market were the delay of EU’s Trade Preferences package, and the suspected rift between the judiciary and the armed forces.

Fauji Cement Company was the volume leader for the week, with 47.8 million shares traded, with a loss of Rs0.41 in share value.

Engro Foods Limited trading volume of 42.8 million shares was marked by a gain of Rs7.01. DG Khan Cement followed with 38 million shares trades, while losing Rs0.54 per share.

Engro Corp made gains of Rs4.36 over the week in line with ECC’s decision on gas supplies, with over 18.75 million shares traded. National Bank’s shares also rose by Rs2.36 with 14.97 million shares traded.

Thal Limited was a significant gainer, with Rs10.40 share price hike. IGI Insurance also rose by Rs10.05, while Abbot Labs went up by Rs9.82 per share.