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KARACHI: Pakistan Stock Exchange remained under selling pressure during the outgoing week ended on May 20, 2022 and closed in negative on week-on-week basis due to investor concerns over depreciating PKR against US$ to lowest level, negative economic outlook and unrest on political front.

The benchmark KSE-100 index declined by 385.75 points on week-on-week basis and closed at 43,100.71 points. Trading activities also remained thin as average daily volumes on ready counter decreased by 19.4 percent to 220.84 million shares as compared to previous week’s average of 274.04 million shares while average daily traded value on the ready counter declined by 23.5 percent to Rs 6.18 billion.

BRIndex100 lost 36.62 points during this week to close at 4,280.09 points with average daily turnover of 200.906 million shares.

BRIndex30 decreased by 100.36 points on week-on-week basis to close at 14,901.08 points with average daily trading volumes of 138.858 million shares.

PSX ends on negative note

Total market capitalization declined by Rs 56 billion during this week and stood at Rs 7.143 trillion.

“After a poor start to the week where the market dropped 819 points on Monday, the market saw a slight recovery trend thereon through the rest of the week closing at 43,100 points, down by 0.9 percent on week-on-week basis”, an analyst at JS Global Capital said.

Among the underperformers were the oil & gas, cement and pharma sectors while the engineering sector posted the highest gains during the week. Market participation reduced during the week.

Foreigners remained net sellers during the week where most selling was witnessed in the fertilizer sector ($1.9million) followed by banks ($1.3million) and Cements ($1.2million).

An analyst at Topline Securities said that the KSE 100 Index declined by 0.9 percent on WoW basis, the decline can be attributed to investors’ concern over declining foreign reserves and lack of intent by the new incumbent government to take tough measures for revival of IMF programme.

Copyright Business Recorder, 2022

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