KARACHI: Pakistan Stock Exchange has provided a return of 3.0 percent on month-on-month basis during November 2020, with the KSE-100 Index closing above 41,000 levels at 41,069 points. The KSE-100 Index closed below 40,000 in the preceding month.
So far during the first five months of current fiscal year, the KSE-100 Index has provided a healthy return of 19.3 percent. Among the major sectors, top performers on MoM basis included Engineering (up 22.4 percent), Technology and Communication (up 17.6 percent), Textile Composite (up 8.3 percent) and Commercial Banks (up 3.9 percent), an analyst at JS Global Capital said. Moreover, E&Ps (up 9.8 percent) also provided a healthy return during the month on the back of a rebound in oil prices on the hopes of a potent vaccine for the Coronavirus.
The foreign investors pursued relentless selling, with a cumulative net sell of $48 million in November, compared to a net sell of $39 million in October 2020. After some profit-taking in October, individuals turned buyers once again in November ($34 million), followed by insurance companies ($13 million) and companies ($11 million).
Copyright Business Recorder, 2020
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