Mixed trend witnessed

KARACHI: Pakistan Stock Exchange witnessed mixed trend during the two day outgoing week ended on May 29, 2020. The market remained closed from Monday to Wednesday due to Eid holidays and opened on Thursday and Friday. BRIndex100 gained 10.21 points on week-on-week basis to close at 3,478.22 points. Average daily volumes stood at 194.445 million shares. BRIndex30 increased by 126.96 points to close at 18408.63 points with average daily turnover of 144.344 million shares. KSE-100 surged by 94.62 points or week-on-week basis and closed at 33,931.23 points. Average daily trading volumes slightly increased by 4.0 percent to 213.881 million shares as compared to previous week's average of 205.52 million shares while average value traded clocked-in at $54 million, up by 13 percent on week-on-week basis. Total market capitalization increased by Rs 13 billion to Rs 6.484 trillion. An analyst at Arif Habib Limited said that the week was a two-day trading week following the Eid holidays. Investors are expecting the upcoming budget to be focused upon measures to uplift the economy. However, stringent revenue targets are likely to be a major deterrent. News coming in this week has been suggestive of no new additional taxation measures. The index went up by 95 points on week-on-week basis to settle at 33,931 points. Sector-wise positive contributions came from Technology & Communication (up 46 points), Cement (up 43 points) and Pharmaceuticals (up 39 points) while negative contributions came from Fertilizers (down 43 points) and Commercial Banks (down 39 points). Scrip-wise positive contributions were led by TRG (up 28 points), OGDC (up 26 points) and LUCK (up 23 points) while ENGRO (down 49 points) and UBL (down 30 points) remained laggards. The foreign offloading during the week arrived at $2.42 million as compared to a net sell of $8.77 million last week. Selling was witnessed in Fertilizer ($2.54 million), Textile Composite ($1.81 million) and Banks ($1.01 million). On the domestic front, Individual accumulated stocks worth $3.93 million, while buying by Broker Proprietary Trading arrived at $0.62 million.