KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on June 12, 2020 on the back of fresh buying mainly by local investors.
BRIndex100 gained 40.58 points on week-on-week basis to close at 3,569.77 points. Average daily trading volumes stood at 182.682 million shares.
BRIndex30 however declined by 239.78 points to close at 18076.90 points with average daily turnover of 107.629 million shares.
KSE-100 Index increased by 260.81 points or 0.8 percent on week-on-week basis and closed at 34,611.23 points. Trading activities also improved as average daily volumes on ready counter increased by 44.1 percent to 225.57 million shares as compared to previous week's average of 156.50 million shares. Average daily trading value increased by 26.5 percent to Rs 8.15 billion.
The foreign investors remained net sellers of shares worth $7.73 million during this week. Total market capitalization increased by Rs 13 billion to Rs 6.545 trillion.
"Despite losing 1.5 percent on the last trading day, the KSE-100 Index managed to close up 0.8 percent on week-on-week basis this week, continuing positive momentum."
Market participation strengthened as well as volumes bounced back by 44 percent on week-on-week basis.
News flows regarding potential reliefs in upcoming budget announcement assisted in the gains, which was broadly led by sectors such as Banks (up 2.1 percent), Steel (Engineering: 3.8 percent) and Textiles (Composite: 4.0 percent). On the other hand, decline in international oil prices led to 2.9 percent correction in the Oil and Gas Exploration sector. The Economic Survey FY20 was released this week reporting a decline in FY20 provisional GDP of 0.38 percent.
An analyst at Arif Habib Limited said that the market commenced on a positive note, continuing unprecedented rally witnessed from the last week.
Contribution to the upside was led by Commercial Banks (up 204 points), Cements (up 92 points), Textile Composite (up 64 points), Pharmaceuticals (up 56 points) and Fertilizer (up 55 points).
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