KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on August 13, 2020 on the back of healthy buying by both local and foreign investors.
BRIndex100 gained 47.21 points on week-on-week basis to close at 4,210.93 points. Average daily volumes stood at 484.211 million shares.
BRIndex30 surged by 535.96 points to close at 21,855.90 points with average daily turnover of 344.748 million shares.
KSE-100 Index increased by 261.05 points on week-on-week basis and closed at 40,290.74 points. Trading activities however remained low as daily volumes on ready counter decreased by 9.0 percent to 580.98 million shares as compared to previous week's average of 638.16 million shares. Average daily trading value declined by 13.7 percent to Rs 21.05 billion.
The foreign investors remained net buyers of equities worth $8.7 million during this week. Total market capitalization increased by Rs 11 billion to Rs 7.434 trillion.
"Continuing on its stellar bull run into eight consecutive weeks, the KSE-100 Index shrugged off significant regulatory risks and continued to climb, closing the week at 40,291 points, up 0.65 percent on week-on-week basis, on track to be in the green on calendar-year-to-date (CYTD) basis," an analyst at AKD Securities said.
Top performers for the week included HASCOL (up 18.4 percent), KAPCO (up 16.0 percent), SNGP (up 14.4 percent) and ATRL (up 13.9 percent), while laggards were HCAR (down 9.8 percent), PSMC (down 7.9 percent), AGP (down 6.9 percent) and IGIHL (down 6.7 percent).
An analyst at JS Global Capital said that the KSE-100 Index closed the short trading week flat at 40,291 level, gaining just 261 points over the week. This brings the index's streak of positive closings to eight.
Foreigners bumped up net buying with a distinct interest in Cements during the week. Locally, individuals once again turned out as major buyers while Banks were major sellers. Any gains made by the fertilizer sector during the week were wiped off following the GIDC judgment announced by the Supreme Court.
Copyright Business Recorder, 2020
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