KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on August 06, on the back fresh buying in various sectors.
BRIndex100 gained 95.36 points on week-on-week basis to close at 5,148.87 points. Average daily trading volumes stood at 357.498 million shares.
BRIndex30 increased by 521.38 points to close at 25,776.60 points with average daily turnover of 217.393 million shares.
KSE-100 index surged by 434.66 points on week-on-week basis and closed at 47,489.95 points. Trading activities also improved as average daily volumes on ready counter increased by 12.4 percent to 455.01 million shares as compared to previous week's average of 404.84 million shares. Average daily trading value increased by 5.9 percent to Rs 13.93 billion. Total market capitalization increased by Rs 98 billion to Rs 8.340 trillion.
"Regaining momentum, KSE-100 index closed the week at 47,490 points, up 0.9 percent on week-on-week basis", an analyst at AKD Securities said.
He said sentiments improved as a result of, positive news flows on foreign policy front where high-ranking officials in the US Government acknowledged the important role Pakistan has to play in ensuring stability in Afghanistan and Saudi Arabia inviting PM Imran Khan to Middle East Climate Summit to be held in October 2021, and encouraging macro developments with FBR July 2021 revenue collection of Rs 413 billion exceeding target by 21 percent, and progress on implementing new power subsidy mechanism, igniting hopes of a successful IMF review in September 2021.
Sector wise performance demonstrates stronger gains in Textile Weaving (up 7.0 percent) and Glass & Ceramics (up 6.6 percent) while within major market sectors, Engineering (up 3.6 percent) and Textile Composites (up 3.0 percent) topped chart for the week.
Top performers for the week were HASCOL (up 34.0 percent), STJT (up 17.0 percent), HMM (up 15.1 percent), GADT (up 12.8 percent) and SFL (up 11.0 percent), while laggards were JDWS (down 8.2 percent), PSEL (down 7.5 percent), SCBPL (down 4.8 percent), UNITY (down 4.5 percent) and AGP (down 2.8 percent).
An analyst at JS Global Capital said that the KSE-100 index of the Pakistan Stock Exchange closed the week at a level of 47,490, posting a gain of 435 points over last week's closing.
Foreigners turned out as net buyers of $3.1 million this week with a significant portion of the buying seen in the Technology sector. On the local side, Individuals turned out to be the largest buyers while Mutual Funds were net sellers of $10.6 million. The Oil Marketing Sector outperformed the KSE-100 index on strong POL sales during the month of July.
Copyright Business Recorder, 2021
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