Mixed trend witnessed

Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on September 27, 2019 due to foreign selling and pressure of rollover week. The market closed on negative note during the first four sessions however recovered its losses on the last day of the outgoing week. BRIndex100 closed at 3,362.89, up 21.49 points on week-on-week basis. Average daily trading volumes stood at 98.406 million shares.
BRIndex30 gained 222.78 points to close at 17,576.72 points with average daily turnover of 67.836 million shares. KSE-100 index closed at 32,070.81 points, down 40.29 points on week-on-week basis. Trading activities remained low as average daily volumes on ready counter decreased by 12.3 percent to 107.97 million shares as compared to previous week''s average of 123.17 million shares. Average daily trading value declined by 23.8 percent to Rs 3.94 billion.
The foreign investors remained net sellers of shares worth $8.76 million during this week. Total market capitalization increased by Rs 12 billion to Rs 6.409 trillion.
An analyst at AKD Securities said that the KSE-100 index lost 677 points in the first four trading sessions, as the investors resorted to profit taking following last four weeks'' strong performance (KSE-100 index gained 7.9 percent in this period). The index however strongly bounced back on the last trading session, paring 94 percent of earlier loses, as the selling pressure from foreigners and rollover week abated.
Top performers during the week in the AKD Universe were FCCL (up 8.60 percent), KEL (up 8.04 percent), EFOODS (up 6.03 percent), KAPCO (up 4.63 percent) and CHCC (up 3.78 percent) while HASCOL (down 12.67 percent), NBP (down 6.58 percent), FFBL (down 3.69 percent) and HUBC (down 3.61 percent) were the major losers.
An analyst at JS Global Capital said that the banking sector remained as one of the laggards during the week with negative performance of 1.1 percent on week-on-week basis, along with Cements (down 1.6 percent) and Refinery (down 4.2 percent) sectors among major laggards. On the other hand, Insurance sector (up 9.8 percent) was among the highest gainers during the week. K-Electric Ltd (KEL) gained by 8 percent on week-on-week basis as the company announced a $425 million expansion plan through a notice on the PSX this week.