KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on Sep 11 on the back of healthy buying mainly by local investors and institutions.
BRIndex100 gained 62.56 points on week-on-week basis to close at 4,438.50 points. Average daily volumes stood at 648.461 million shares.
BRIndex30 inched up by 48.54 points to close at 22798.37 points with average daily turnover of 396.709 million shares.
KSE-100 index increased by 507.67 points on week-on-week basis and closed at 42,530.67 points. Average daily volumes on ready counter improved by 0.7 percent and stood at 750.29 million shares as compared to previous week's average of 745.13 million shares. Average daily trading value increased by 1.9 percent to Rs 23.54 billion during this week.
The foreign investors were net sellers of shares worth $4.3 million during this week. Total market capitalization increased by Rs 120 billion or 1.5 percent to Rs 7.974 trillion.
"Treading on last week's gains, KSE-100 index inched up 1.21 percent on WoW to close at 42,531 points supported by prominent performance of heavy-weights banks (up 2 percent) and Cements (up 3.2 percent)", an analyst at AKD Securities said.
The former came on the investor's radar, being trading cheaply as valuations stretched elsewhere while the latter witnessed run up as PM announced Karachi uplift package of Rs 1.1 trillion.
E&P sector found its place on the other end of the spectrum (down 2.5 percent) as international oil price trended downwards (down 6.0 percent) with Saudi Arabia planning to sell at lower rates in October 2020 and cabinet ratifying CCoP's decision to offload 7 percent and 10 percent shares of OGDC and PPL respectively, only to be partially resurrected by large gas discovery in Kalat (over 1tcf) by Pakistan Petroleum Limited (PPL).
Amongst other sectors, Refineries were up 15.8 percent followed by Insurance (up 6.3 percent) and Techs (up 6.0 percent) while Vanaspati, Chemicals and Auto parts manufacturers lost 2.9 percent, 2.8 percent and 2.7 percent respectively.
Top performers in the outgoing week were BYCO (up 27.0 percent), JLICL (up 18.0 percent), KOHC (up 13.0 percent), SYS (up 12.2 percent) and NATF (up 11.4 percent), whereas laggards were IDYM (down 11.0 percent), PIOC (down 7.8 percent), MEBL (down 6.4 percent), COLG (down 6.2 percent) and MLCF (down 5.0 percent).
An analyst at JS Global Capital said that the KSE-100-Index upheld the bullish momentum this week as well, closing up 1.2 percent at 42,530 levels. The bull-trend was supported by increase in investor participation as average daily volumes and traded value increased by 0.7 percent and 1.7 percent, respectively. While the Mutual Funds segment ($8.5 million) were key net buyers after the Individual segment ($22.8 million), considerable net selling was witnessed by Companies (negative $16.7 million).
Among the top gainers of the week were Refineries (up 15.8 percent), Food & Personal Care (up 5.8 percent), Insurance (up 6.3 percent) and Technology (up 6.0 percent). Moreover, the Cement sector also outperformed the benchmark (up 3.2 percent) as sales data for the month of August 2020 was reported with a growth of 5 percent.
Copyright Business Recorder, 2020
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