KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on September 4, 2020 on the back of healthy buying mainly by local investors and institutions.
BRIndex100 gained 108.47 points on week-on-week basis to close at 4,375.94 points. Average daily volumes stood at 638.715 million shares.
BRIndex30 increased by 662.64 points during this week to close at 22749.83 points with average daily turnover of 393.707 million shares.
KSE-100 Index surged by 966.78 points on week-on-week basis and closed above 42,000 psychological level at 42,023.00 points. Trading activities also improved significantly as average daily volumes on ready counter increased by 69.5 percent to 745.13 million shares as compared to previous week's average of 439.60 million shares. Average daily trading value increased by 35.7 percent to Rs 23.10 billion.
The foreign investors however remained net sellers of shares worth $10.026 million. Total market capitalization increased by Rs 244 billion or 3.2 percent to Rs 7.854 trillion.
"Index continued the bullish momentum in the outgoing week where record high activity was witnessed on fourth trading session of the week, concentrated mainly in side stocks," an analyst at AKD Securities said. Number of factors contributed to the index closing first four sessions in green including low inflation reading while OMC sales also posted a 21 percent for August 2020, however profit-taking towards the end of the week led to last session closing in red.
Top performers during the week were HASCOL (up 29.1 percent), SYS (up 17.3 percent), YOUW (up 16.7 percent), PSX (up 16.1 percent) and UNITY (up 15.7 percent) while laggards were JDWS (down 6.3 percent), SHEL (down 6.0 percent), ATLH (down 4.7 percent), SCBPL (down 3.0 percent) and HUBC (down 3.0 percent).
An analyst at JS Global Capital said optimism continued at the local bourse this week as well as the KSE-100 Index further gained 967 points during the week. The buoyancy was driven by pronounced interest in cyclical and side board sectors, while sectors such as Power (up 3.0 percent), Refinery (up 8.2 percent) and Chemicals (up 8.6 percent) also outperformed the KSE-100 Index.
Mutual Funds turned out as key buyers this week as the segment's net buying accumulated to $8.5 million, while foreigners and banks were key net sellers of shares worth $10 million and $5.9 million respectively.
Copyright Business Recorder, 2020
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