Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on May 24, 2019 and depicted highest gains after a decade on the back of healthy buying in almost all sectors. BRIndex100 gained 316.16 points on week-on-week basis to close at 3,758.76 points. Average daily volumes stood at 166.542 million shares.
BRIndex30 increased by 1949.63 points to close at 19,074.05 points with average daily turnover of 118.985 million shares. KSE-100 index surged by 2,537.19 points on week-on-week basis and closed at 35,703.81 points. Trading activities also improved significantly as average daily volumes on ready counter increased by 66.2 percent to 178.45 million shares as compared to previous week's average of 107.35 million shares. Average daily value increased by 44.1 percent to Rs 6.00 billion.
The foreign investors remained net buyers of shares worth $0.1 million during this week. Total market capitalization increased by Rs 394 billion to Rs 7.205 trillion.
An analyst at AKD Securities said that the week marked recovery at the bourse with KSE-100 index gaining 7.65 percent. The market closed positively on week-on-week basis first time after seven weeks.
Within AKD Universe, topper-formers include GWLC (up 32.3 percent), PIOC (up 27.5 percent), PSO (up 24.0 percent), MLCF (up 22.4 percent) and PSMC (up 21.3 percent).
An analyst at JS Global Capital said after bleeding for seven consecutive weeks, Pakistan equities posted a sharp recovery as optimistic investors rushed to accumulate stocks on seemingly attractive valuations, pushing the index up 2,537 points to close the week at 35,704 level. The market support fund remained the chatter on the street, muting even the impact of the State Bank's decision to increase the policy rate by 150bps, announced earlier in the week.
Refineries (up 17 percent) and Oil Marketing Companies (up 18 percent) outperformed the index as they posted double digit returns during the week. On the other hand, Automobile Assemblers (up 4 percent) and Insurance (up 3 percent) underperformed the index.