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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,206
7124hr
Pakistan Cases
1,223,841
2,58024hr
4.69% positivity
Sindh
450,126
Punjab
421,800
Balochistan
32,757
Islamabad
104,114
KPK
171,072

KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on July 10, 2020 on back of local investors and institutional support.

BRIndex100 gained 133.03 points or week-on-week basis to close at 3,736.60 points. Average daily volumes stood at 316.330 million shares.

BRIndex30 increased by 756.91 points during this week to close at 19101.54 points with average daily turnover of 227.146 million shares.

KSE-100 Index surged by 1,139.03 points or 3.2 percent on week-on-week basis and closed at 36,190.41 points. Trading activities also improved as average daily volumes on ready counter increased by 39.1 percent to 348.81 million shares as compared to previous week's average of 250.82 million shares. Average daily trading value increased by 43.3 percent to Rs 12.34 billion.

The foreign investors however remained net sellers of shares worth $9.5 million. Total market capitalization increased by Rs 199 billion to Rs 6.841 trillion.

"Supported by significant retail participation, indications of stability in the resumption of commercial activity post Covid-19, and better than expected consumer spending outlook, the KSE-100 Index closed 3.3 percent higher on week-on-week basis, continuing its upward trajectory into a third consecutive week", an analyst at AKD Securities said.

Strong uptick in volumes (average daily turnover up 39.1 percent on WoW) remained a sign of enhanced liquidity. Successful biding for the HNWI and institutional investor portion of Pakistan first IPO in CY20 (after a fifteen month hiatus since ILP on March'19) which was oversubscribed by 1.7 times landing at a strike price at the upper bound of Rs 20/share, drove sentiments at the bourse.

Stocks posting major gains during the week included NBP (up 15.4 percent), CHCC (up 15.2 percent), INDU (up 14.5 percent) and PAEL (up 13.9 percent), whereas on the flipside, laggards were ANL (down 6.9 percent), FCEPL (down 3.6 percent) and DAWH (down 3.0 percent).

An analyst at JS Global Capital said that the KSE-100 Index continued previous week's gains, closing this week 3.2 percent on WoW up at 36,190 levels. Decline in active Covid-19 cases and materialization of inflows from International Financial Institutions in the country kept investor sentiments upbeat, which also reflected in improving participation.

Autos (up 8.8 percent), Banks (up 6.6 percent) and Oil & Gas Marketing Companies (up 4.4 percent) were among the market mover sectors during the week. Moreover, Cements (up 4.4 percent) continued to grab attention over double-digit growth in dispatches for the month of June-2020.

Buying at the local bourse was led by Insurance Companies (net buying: $4.6 million) and Mutual Funds (net buying: $2.4 million), while Foreigners remain the major sellers (net selling: $9.5 million).

Copyright Business Recorder, 2020

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