Pakistan Stock Exchange witnessed bullish trend during the third consecutive week on the back of buying by both local and foreign investors in various sectors. BRIndex100 gained 65.85 points on week-on-week basis to close at 3,362.89 points. Average daily trading volumes stood at 115.444 million shares.
BRIndex30 increased by 471.16 points to close at 17,576.72 points with average daily turnover of 77.572 million shares. KSE-100 Index surged by 629.79 points or 2.0 percent on week-on-week basis and closed at 32,111.10 points. Trading activities however remained low as average daily volumes on ready counter decreased by 4.9 percent to 123.17 million shares as compared to previous week''s average of 129.53 million shares. Average daily trading value declined by 12.5 percent to Rs 5.17 billion.
The foreign investors remained net buyers of shares worth $7.75 million with buying witnessed mainly in the banking and cement sectors. Total market capitalization increased by Rs 85 billion to Rs 6.397 trillion.
An analyst at AKD Securities said wildly fluctuating on the back of external factors (Saudi oil facility disruption) and hastened expectations of a peaking monetary cycle (3/5/10year PIB auction saw yields clip 130/105/90bps), the KSE-100 inched up at 32,111 points, up 2.1 percent.
A slew of major earnings announcements accompanied by corporate action (rights issues) have raised concerns for wider sectoral dynamics (MLCF 85 percent rights issue) have played a large part in firming up investor expectations.
An analyst at JS Global Capital said that Pakistan equities closed a third consecutive week in the green as the KSE-100 climbed 2.0 percent to close the week at 32,111 points.
An analyst at Topline Securities said for the third consecutive week the index maintained its positive momentum; up by 2.0 percent on week-on-week basis taking three weeks cumulative return to 8.0 percent. Positive sentiments were witnessed among investors due to decline in bond yields in the range of 90-130 bps coupled with improved macro-economic indicators. As per the recent published data, Current Account Deficit (CAD) for the month of August declined by 15 percent on year-on-year basis.
Oil prices remained high during the week due to attack on Saudi oil facilities which attracted investor towards E&P stocks translating into cumulative weekly return of 2.8 percent, 3.7 percent, 3.2 percent and 6.5 percent in POL, OGDC,MARI and PPL, respectively.