Equities recoup losses

The benchmark KSE-100 index increased by 617.64 points to close at 45,912.03 points during the outgoing week ended on July 28, 2017. Trading activities improved as daily trading volumes on ready counter increased by 48.1 percent to 198.35 million shares as compared to previous week''s average of 133.94 million shares. Average daily trading value increased by 36.0 percent to Rs 10.25 billion.
Total market capitalization increased by Rs 206 billion to Rs 9.514 trillion. The foreign investors remained net sellers of shares worth $13.2 million during this week while individuals were the largest domestic buyers and bought equities worth $23.8 million.
An analyst at AKD Securities said passing through a rough patch marred by political stressors, unveiling of the Supreme Court decision on the Panama papers inquiry and a spate of largely unsatisfactory results releases, the KSE-100 index held onto gains, closing the week at 45,912 points, up 1.4 percent.
Scrips leading the bourse were EFOODS (up 5.8 percent), HUBC (up 5.7 percent), POL (up 5.4 percent), MLCF (up 4.3 percent) and INDU (up 4.14 percent); whereas laggards were PSMC (down 6.9 percent), LUCK (down 6.1 percent), ASTL (down 2.5 percent), APL (down 2.0 percent) and MCB (down 1.9 percent).
An analyst at JS Global Capital said that after witnessing a rebound in the first four sessions of the week of 611 points, the market nosedived by more than 1,600 points during the first of half of Friday ahead of the Supreme Court''s decision regarding the disqualification of the Prime Minster. However, the market recovered sharply to close 6 points up after the Supreme Court announced the disqualification of Nawaz Sharif as value hunters saw it as an end to longstanding uncertainty. Overall, the market closed 1.4 percent higher. Key top charters were Foods (up 10 percent) and Refineries (up 6 percent) while among the laggards were Sugar and Allied Industries (down 3 percent) and cements (down 2 percent) during the week.
On the sector front Food gained 10 percent, Power 3.5 percent, E&Ps 3.3 percent, Engineering 3.1 percent, Chemical 2.4 percent, OMC 1.9 percent, Fertilizer 1.9 percent, Auto Assemblers 0.8 percent, Banks 0.3 percent; while Cements shed 2.3 percent during the outgoing week.