KARACHI: Despite foreign selling, the Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on June 26, 2020 on the back of healthy buying mainly by local investors.
BRIndex100 gained 45.81 points on week-on-week basis to close at 3,473.85 points. Average daily volumes stood at 137.418 million shares.
BRIndex30 increased by 263.01 points to close at 17578.25 points with average daily turnover of 86.328 million shares.
KSE-100 Index surged by 500.54 points on week-on-week basis and closed at 33,939.49 points. Trading activities however remained low as average daily volumes on ready counter decreased by 22.7 percent to 176.85 million shares as compared to previous week's average of 228.75 million shares. Average daily trading value declined by 14.8 percent to Rs 5.91 billion. Total market capitalization increased by Rs 49 billion to Rs 6.422 trillion.
"The KSE-100 Index made a turn for the better, closing 1.5 percent higher on week-on-week basis at 33,939 points," an analyst at AKD Securities said.
Major events during the week included fresh inflow of $1.725 million during the outgoing week, stabilizing the local currency. At the end of the week, the SBP cut the policy rate by a further 100bps to 7.0 percent to spur economic growth. The latest move took cumulative easing to 625bps calendar-year-to-date (CYTD).
Stocks which generated large volumes included TRG (59.96 million shares), UNITY (50.6 million shares), MLCF (39.6 million shares) and HUMNL (32.8 million shares).
Major gainers from KSE-100 were SHEL (up 15.1 percent), DAWH (up 11.7 percent), FATIMA (up 10.7 percent) and FFC (up 8.5 percent), whereas laggards dragging the index lower were AGP (down 7.6 percent), BAFL (down 5.5 percent), PTC (down 4.6 percent) and PMPK (down 4.3 percent).
An analyst at JS Global Capital said that the Pakistan equities closed the week in the green as the KSE-100 index ended the session at 33,939 level, having gained 500 points or 1.5 percent.
Foreigners remained net sellers, offloading $9.9 million worth of stocks with a major portion of the selling seen in Commercial Banks, Fertilizer and E&P stocks.
Copyright Business Recorder, 2020
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