Equities remain volatile

Pakistan Stock Exchange remained volatile during the outgoing week ended on December 27, 2019 due to investors' lack of interest.

BRIndex100 gained 18.56 points on week-on-week basis to close at 4,265.29 points. Average daily volumes stood at 198.991 million shares.

BRIndex30 increased by 146.50 points to close at 22,293.32 points with average daily turnover of 148.332 million shares.

KSE-100 Index inched up by 15.54 points on week-on-week basis and closed at 40,848.53 points. Trading activities remained low as average daily volumes on ready counter decreased by 22.7 percent to 229.93 million shares as compared to previous week's average of 297.42 million shares. Average daily trading value declined by 34.9 percent to Rs 8.29 billion.

Total market capitalization declined by Rs 24 billion to stand at Rs 7.821 trillion.

"As was generally expected, the market took a breather this week too, edging up slightly by 15 points (or 0.04 percent) on week-on-week basis to 40,848 levels", an analyst at JS Global Capital said. Last week, it was the verdict on an ex-Army Chief-cum-ex-President, whereas skirmishes at the eastern border were the point that the market fixated on this week (down 2 percent on Monday). Also, the Christmas holiday/year end season meant that volumes were subdued, diving by 23 percent on week-on-week basis.

An analyst at AKD Securities said that the market remained volatile during the outgoing week. The market opened on a weak note in its first trading session, as the negative sentiment of a show down situation between Pakistan's military and judiciary institutions carried over the weekend. However, PPL's discovery reversed the market sentiment the following day. After revising downward the FBR's target from Rs 5.5 trillion to Rs 5.2 trillion, Pakistan agreed to take 'additional measures' on the eve of presenting the budget review before parliament by end of February 2020 under the new structural benchmark condition with the IMF. Potential increase in taxation resulted in fear of inflationary pressures to continue, driving the bourse's closing for the fourth trading session in red.

Within AKD Universe, top performers were PIOC (up 4.81 percent), ASTL (up 3.2 percent), ENGRO (up 3.0 percent), HUBC (up 2.8 percent) and PSO (up 2.3 percent), while laggards were, FFBL (down 4.17 percent), APL (down 4.5 percent) and PSMC (down 8.7 percent).