Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended October 26, 2018 on the back of healthy buying in various sectors. BRIndex100 gained 262.5 points on week-on-week basis to close at 4,312.16 points. Average daily volumes stood at 284.364 million shares. BRIndex30 increased by 2059.66 points to close at 22,711.35 points with average daily turnover of 204.824 million shares.
Pakistan's benchmark KSE-100 index surged by 2,126.18 points on week-on-week basis and closed at 40,556.45 points. Trading activities also improved as average daily volumes on ready counter increased by 51.1 percent to 301.03 million shares as compared to previous week's average of 199.21 million shares. Average daily trading value surged by 52.5 percent to Rs 10.01 billion.
The foreign investors however remained net sellers of shares worth $16.9 million during this week as compared to an outflow of $18.6 million during previous week.
An analyst at AKD Securities said that retracing lost ground following elevated sentiments from the "Davos in the Desert" $6 billion Saudi funding facility and expectations of additional bilateral assistance, weakened by sub-sequent earnings misses from index heavy Banks, the KSE-100 index closed at 40,556 points up 5.5 percent on week-on-week basis.
Gains at the bourse were led by KAPCO (up 21.6 percent), GWLC (up 14.8 percent), EFOODS (up 14.6 percent) and NML (up 13.6 percent). An analyst at JS Global Capital said a spur of positive developments during the week befitted as a ladder for the KSE-100 index, as the local bourse increased by 2,126 points to close at 40,556 level. A weekly rally of similar extent was last witnessed during October, 2017. The rally was driven by the new government being successful in securing a $12 billion combined package for oil deferred payments and Balance of Payment support from Saudi Arabia. Moreover, news flows of further investments/ loans/deferred payment packages from other countries also made rounds that added to investors' optimism. Recent developments came during the need of the hour as the State Bank of Pakistan's (SBP) foreign exchange reserves have fallen to $7.8 billion (down $264 million WoW), lowest in nearly 5 years. Sectors that led the week's rally were Fertilizer (up 8 percent), E&P (up 5 percent) and Banks (up 3 percent).
Comments
Comments are closed.