KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended Oct 02, due to selling in various sectors.
BRIndex100 lost 190.49 points on week-on-week basis to close at 4,143.32 points. Average daily volumes stood at 366.719 million shares.
BRIndex30 declined by 1127.75 points during this week to close at 20,874.12 points with average daily turnover of 262.193 million shares.
KSE-100 index plunged by 1630.40 points on week-on-week basis and closed at 40,070.83 points. Trading activities remained low due to investors lack of interest as average daily volumes on ready counter decreased by 16.0 percent to 390.98 million shares as compared to previous week's average of 465.59 million shares. Average daily trading value however improved by 1.0 percent to Rs 13.68 billion.
Total market capitalization declined by Rs 280 billion to Rs 7.538 trillion.
An analyst at AKD Securities said that the KSE-100 index stuttered in the start to the fourth quarter of CY20 with the index slipping 3.9 percent on week-on-week basis.
Stocks leading the performance board were EFUG (up 2.5 percent), PSX (up 2.3 percent), ICI (up 1.6 percent) and SCBPL (up 1.5 percent), whereas laggards were HASCOL (down 20.7 percent), UNITY (down 16.0 percent), SHFA (down 15.2 percent) and ATRL (down 13.6 percent).
An analyst at JS Global Capital said that the market closed negative for the second week in a row, with the KSE-100 index at 40,071, down 3.9 percent on week-on-week basis.
Arrest of PML-N president Shahbaz Sharif by NAB early in the week, in addition to news of an opposition alliance made to oust the existing government via protests and other measures continued to weaken investor confidence this week.
Mutual Funds remained key net sellers of shares worth $20.5 million, while Insurance and Banks remained net buyers of shares worth $15.3 million and $12.4 million respectively.
Among major sectors, Refineries (down 13.8 percent), Automobile Assemblers (down 5.1 percent) and Engineering (down 7.4 percent) were among the laggards.
Copyright Business Recorder, 2020
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