KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on February 04, 2021 on the back of fresh buying mainly by local investors.
BRIndex-100 gained 34.29 points on week-on-week basis to close at 5,008.23 points. Average daily trading volumes stood at 496.433 million shares.
BRIndex-30 declined by 230.49 points to close at 25674.92 points with average daily turnover of 346.001 million shares.
KSE-100 Index increased by 520.25 points on week-on-week basis and closed at 46,905.79 points. Trading activities however remained low as average daily volumes on ready counter decreased by 17.7 percent to 554.57 million shares as compared to previous week’s average of 673.71 million shares. Average daily trading value increased by 1.1 percent to Rs 27.43 billion. Total market capitalization increased by Rs 82 billion to Rs 8.480 trillion.
An analyst at AKD Securities said that the KSE-100 index closed the week at 46,906 points, up 1.12 percent on week-on-week basis amid volatile sessions, with heavyweight E&P sector supporting the index while profit taking was witnessed in select scrip.
E&P sector turned out to be the top performer during the week (up 7.0 percent) assisted by strengthening oil prices (Brent up 6.8 percent) and removal of dividend distribution cap on MARI. Top performers during the week were GATM (up 27.2 percent), MARI (up 17.2 percent), PSMC (up 11.8 percent), GSKCH (up 9.5 percent) and CHCC (up 7.9 percent) where-as laggards were, GHCL (down 19.9 percent), HASCOL (down 15.5 percent), GATI (down 12.3 percent) and INIL (down 11.6 percent).
An analyst at JS Global Capital said that the he market remained upbeat for the majority of this week, eventually closing up by 1.1 percent on week-on-week basis.
Best performing sectors during the week included Power (up 3.1 percent) and Pharmaceuticals (up 2.6 percent). E&Ps (up 7.0 percent) also finished higher on the back of higher crude oil prices, boosted further by the MARI announcement, where the ECC approved removal of the cap on its dividend distribution.
Moreover, Cements (up 1.4 percent) and OMCs (up 2.5 percent) rallied on the back of higher volumes. ENDs.
Copyright Business Recorder, 2021
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