Pakistan shares market ended the future rollover week on a positive note with KSE-100 index gaining one percent Week-on-Week (WoW) to close at 39,927. The week that ended on Friday, August 26, saw foreign portfolio investment landing in the green with offshore investors having made net buying of $1.9 million. While chemical scrips braved $10.3 million outflows, the index-heavy oil and gas exploration issues lured $7.3 million inflows.
At ready-counter, daily trading volumes was recorded averaging one percent higher on 232 million while the average traded value declined by 22 percent to Rs10 billion or $96.8 million.
The scrips most-traded were from tobacco, food and personal care and oil and gas exploration which marked 6.2, 2.3 and 1.3 percent gain, respectively. The losers included fertiliser and insurance stocks sliding 3.3 and 1.3 percent.
"The market remained under pressure during the first three days of the week," said analysts at Topline Research.
However, they said, recovery was witnessed in the days to follow with smooth execution on the future rollover.
"Interest resurrected in Pakistan equities towards the end of the week with the benchmark KSE-100 index pushing hard to touch 40,000 points mark again," viewed Faizan Ahmed of JS Research.
Overall on a WoW basis, market closed at 39,927pts with mixed sentiments amidst ongoing result season, the analyst added.
In this week again, he observed, most of the trading activity remained tilted towards low market capitalisation sectors such as gas utilities, leisure goods, and beverages etc.
Heavyweight sectors, on the other hand, witnessed mixed trend with sectors such as oil and gas and chemicals witnessing correction.
While cements got boosted in anticipation of strong August-16 off-take numbers, the banks rose on the back of good financial results.
"Disappointingly however, overall participation remained thin," said Ahmed.
Key highlights of the week were: finalization of mechanism to provide subsidy on fertiliser, inquiry ordered by Finance Minister Ishaq Dar to address urea supply glut, signing of 870MW Suki Kinari hydropower project, signing of accord to develop the second LNG terminal by Fatima group, Engro and Shell and 3.9 percent YoY decline in textile exports numbers recorded for the month of Jul-16.
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