KARACHI: Despite foreign buying, Pakistan Stock Exchange remained under pressure during the outgoing week ended August 13, due to selling by local investors in various sectors.
BRIndex100 lost 60.66 points on week-on-week basis to close at 5,088.21 points. Average daily trading volumes stood at 260.13 million shares.
BRIndex30 decreased by 253.94 points to close at 25,522.66 points with average daily turnover of 164.587 million shares.
KSE-100 index declined by 320.11 points on week-on-week basis and closed at 47,169.84 points. Trading activities remained low as average daily volumes on ready counter decreased by 32.6 percent to 306.70 million shares as compared to previous week's average of 455.01 million shares. Average daily traded value declined by 13.9 percent to Rs 11.99 billion.
The foreign investors however remained net buyers of shares worth $3.9million during this week. Total market capitalization declined by Rs83 billion to Rs 8.257 trillion.
An analyst at AKD Securities said that the market remained range bound in the outgoing week, closing in at 47,170points, down 0.67 percent on week-on-week basis as geopolitical uncertainty kept the investors at bay.
Top performers of the market included FCEPL (up 24.5 percent), PSEL (up 6.5 percent), INDU (up 5.9 percent), TRG (up 4.8 percent) and MEBL (up 4.1 percent). Meanwhile laggards included STJT (down 10.4 percent), HASCOL (down 7.4 percent), GATI (down 7.3 percent), SFL (down 7.3 percent) and AKBL (down 7.0 percent).
An analyst at JS Global Capital said that the KSE-100 Index closed on a negative note this week, losing 320 points over COVID concerns and lack of triggers.
From a sector-specific lens, Vanaspati and Allied Industries (down 7.4 percent), Glass and Ceramics (down 3.0 percent), Chemical (down 2.6 percent), Oil and Gas Marketing Companies (down 3.0 percent) among key underperformers this week.
Copyright Business Recorder, 2021
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