KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on August 28, 2020 on the back of healthy buying mainly by local investors.
BRIndex100 gained 136.23 points on week-on-week basis to close at 4,267.47 points. Average daily volumes stood at 370.188 million shares.
BRIndex30 increased by 854.98 points to close at 22087.19 points with average daily turnover of 216.218 million shares.
KSE-100 Index surged by 1,434.63 points or 3.6 percent on week-on-week basis and closed above 41,000 psychological level at 41,056.22 points. Average daily trading volumes on ready counter slightly decreased by 0.3 percent and stood at 439.60 million shares as compared to previous week's average of 440.75 million shares. Average daily trading value declined by 5.2 percent to Rs 17.03 billion. The foreign investors however remained on selling side and withdrew $802,032 from Pakistan capital market during this week. Total market capitalization increased by Rs 249 billion or 3.4 percent to Rs 7.610 trillion.
"After a short correction, the KSE-100 Index witnessed a rebound this week, posting a gain of 3.6 percent on week-on-week basis to close at 41,056 levels," an analyst at JS Global Capital said.
The market received an adrenaline rush after confidence expressed by local and global fund managers over the outlook of the local bourse in electronic media.
Heavy-weight sectors that led the rally were Power Generation and Distribution (up 4.8 percent), Oil and Gas Marketing Companies (up 5.0 percent) and Textiles (Composite, up 6.8 percent). Moreover, the news of allowance from Ministry to increase drug prices also led the Pharmaceutical sector to post 4.7 percent gain this week.
Copyright Business Recorder, 2020
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