KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on Oct 23, on the back of healthy buying mainly by local investors.
BRIndex100 gained 139.01 points on week-on-week basis to close at 4,303.53 points. Average daily trading volumes stood at 424.222 million shares.
BRIndex30 increased by 600.64 points during this week to close at 21,764.13 points with average daily turnover of 290.354 million shares. KSE-100 index surged by 1,101.98 points and closed above 41,000 psychological level at 41,266.00 points. Trading activities improved as average daily volumes on ready counter increased by 57.3 percent to 465.61 million shares as compared to previous week’s average of 295.92 million shares. Average daily trading value increased by 58.1 percent to Rs 15.83 billion.
The foreign investors remained on selling side and withdrew $6.877 million from Pakistan capital market during this week. Total market capitalization increased by Rs 158 billion or 2.1 percent to Rs 7.646 trillion. “Battling significant headline risk from the FATF plenary meeting vote for Pakistan’s status as a “jurisdiction with strategic deficiencies,” i.e. on the Greylist, the KSE-100 index rallied 2.7 percent on week-on-week basis with major earnings beats across Banks, Cements, Fertilizer providing fuel to the rally which saw the KSE-100 index closed 41,266 points”, an analyst at AKD Securities said.
Stocks leading the index higher included UNITY (up 20.7 percent) ATRL (up 18.4 percent), CHCC (up 14.2 percent) while laggards included GATU (down 7.3 percent), ABOT (down 6.2 percent) and EPCL (down 5.2 percent).
An analyst at JS Global Capital said that the KSE100-index recovered this week, posting 2.7 percent gain to close at 41,266 levels.
Among the heavy-weights, Refineries (up 11.8 percent), Autos (up 7.4 percent) and Fertilizers (up 4.0 percent) led the index gains. Moreover, expectations of robust cement dispatches for the current month took the Cement sector up by 6.5 percent. Also, most of the ongoing results in the Banking sector beat market estimates by a wide range, leading to 2.3 percent gains in the sector this week.
The highlight of the week remained FATF’s plenary meetings that were held during 21-23 October, where decision on status of Pakistan’s position in the grey list will be announced after market hours.
Copyright Business Recorder, 2020
Comments
Comments are closed for this article.