Positive trend witnessed

Pakistan Stock Exchange witnessed positive trend during the outgoing week ended April 27 due to buying in various sectors. BRIndex-100 gained 27.73 points on week-on-week basis to close at 4,873.76 points. Average daily trading volumes stood at 125.477 million shares. BRIndex-30 increased by 82.6 points to close at 24,698.21 with average daily turnover of 80.777 million shares.
Pakistan''s benchmark KSE-100 index surged by 283.44 points on week-on-week basis and closed at 45,542.78 points. Trading activities on the ready counter improved as average daily volumes increased by 9.0 percent while average daily trading value was up by 8.0 percent during this week.
The foreign investors however remained net sellers of shares worth $2.8 million. Total market capitalization increased by Rs 61 billion to Rs 9.391 trillion. An analyst at Topline Securities said the investors in Pakistani equities eagerly waited for positive development ahead of the Federal Budget announcement. GIDC removal/reduction beneficiaries again gained attention of investors where, Fauji Fertilizer Company (FFC) gained 4.0 percent on last day of the week, followed by Fauji Fertilizer Bin Qasim (FFBL), up 4.0 percent and Lotte Chemicals (LOTCHEM), up 2.0 percent. Resultantly, market managed to close positive, gaining 0.6 percent during the whole week, closing at 45,543 index levels.
Oil marketing sector stocks cumulatively contributed 123 points to the index, where HASCOL gained 20 percent in the outgoing week amid its better financial results, while PSO and SHEL gained 6 percent and 3 percent, respectively. Moreover, commercial banks and fertilizers contributed 86 and 70 points respectively.
A BMA Capital''s analyst said range bound activity was witnessed at the bourse during the outgoing week as investors remained wary of the upcoming budget, roll over week also added to the selling pressure. Resultantly, KSE-100 index closed the week at 45,543 points, up 0.6 percent. Selective interest was witnessed in scrips where Bank of Punjab (BOP) rallied 21 percent on strong results for first quarter while Engro Polymer and Chemicals Ltd (EPCL) gained traction on imposition of duties on import of PVC to the tune of 3-21 percent for the next five years. Lucky Cement (LUCK), on the other hand, failed to attract investors'' interest (down 0.2 percent) despite announcement of dual expansion plans owing to significant drop in gross margins during third quarter.