KARACHI: Pakistan Stock Exchange witnessed bearish trend during the outgoing week ended on Feb 12, due to selling pressure in various sectors.
BRIndex-100 lost 100.61 points on week-on-week basis to close at 4,907.62 points. Average daily volumes stood at 672.598 million shares.
BRIndex-30 declined by 546.11 points to close at 25,128.81 points with average daily turnover of 474.414 million shares.
KSE-100 index plunged by 1,097.43 points on week-on-week basis and closed at 45,808.36 points. Trading activities improved as average daily volumes on ready counter increased by 32.4 percent to 734.42 million shares as compared to previous week’s average of 554.57 million shares. Average daily trading value however declined by 2.0 percent to Rs 26.87 billion.
The foreign investors remained net sellers of shares worth $3.155 million during this week as compared to an outflow of $2.7 million during previous week. Total market capitalization declined by Rs 239 billion to Rs 8.241 trillion.
An analyst at AKD Securities said the KSE-100 constantly remained under pressure during the outgoing week, declining by 2.3 percent on week-on-week basis to close at 45,808 points as investors indulged in profit taking after index remained on the upward trajectory for last 6 weeks.
After a significant result beat by CHCC, entire cement sector remained in the limelight and sector turned out to be the top performer for the week with an increase of 5.2 percent. However the sector failed to support the index as profit taking was witnessed across all other major sectors where Oil & Gas Exploration witnessed a decline of 4.1 percent while commercial banks declined by 3.9 percent.
Top performers during the week were KOHC (up 11.9 percent), PIOC (up 10.6 percent), DGKC (up 10.5 percent), GATI (up 6.9 percent) and LUCK (up 6.6 percent) whereas laggards were FCEPL (down 15.4 percent), SNGP (down 12.1 percent), GATM (down 9.6 percent) and FABL (down 8.8 percent).
An analyst at JS Global Capital said the market finally underwent a much-awaited correction during the week, shedding 1,097 points to close at 45,808 levels.
Top performing sectors during the week were Cements (up 5.2 percent) and Refineries (up 4.6 percent), whereas OMCs (down 7.3 percent), Fertilizer (down 3.7 percent) and Banks (down 3.9 percent) ended firmly negative.
Copyright Business Recorder, 2021
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