The Pakistan Stock Exchange (PSX) went through a roller-coaster ride in the outgoing week, owing to domestic political developments, with the benchmark KSE-100 Index ending 707.53 points or 1.57% lower despite Friday's gain.
The KSE-100 started the week with a loss of 1,250.06 points as dissolution of the National Assembly took its toll on market sentiment. With the absence of a functional cabinet, Pakistan's economic policy seemed like it was moving forward without a driver. The rupee fell to record lows during the week, while foreign exchange reserves were reported to have hit an almost two-year low.
Weekly recap: KSE-100 records substantial gain of 3.68%
However, the central bank's decision to raise the policy rate by 250 basis points, and Supreme Court's order to set aside the deputy speaker's ruling, and restoring the National Assembly brought some respite.
According to experts, the market is expected to continue its momentum given no other sudden development takes place in the political arena.
Weekly trading volume went down by 787 million shares due to an uncertain political environment that prevailed throughout the week.
During the week, Technology and Communication continued to remain the leading sector by volume with almost 162 million shares followed by Chemicals with trading volume of almost 92 million shares and Cement with almost 60 million shares.
Among KSE-100 companies, K-Electric retained its leading position by volume followed by Cnergyico PK and Engro Polymer on WoW basis. Among them, K-Electric and Cnergyico PK recorded falls of 5.48% and 2.26%, respectively, while Engro Polymer recorded a gain of 10.41%.
Engro Polymer was also the highest weekly gainer among KSE-100 companies (10.41%) with a weekly trading volume of 21 million shares.
Punjab Oil was second with a weekly gain of 6.93% with a very low weekly volume of 200 shares. Pak Elektron was in 3rd position with weekly net gain of 5.11% and weekly trading volume of 20 million shares.
Pioneer Cement was the top loser among KSE-100 companies (-12.91%) with weekly volume of 5 million shares followed by D.G. Khan Cement (-11.33%) with weekly volume of almost 6.6 million shares.
KSE-100 Volume Leaders
Company Volume Change (%) Change (Points)
K-Electric Ltd. 41,596,000 -5.48% -0.17
Cnergyico PK 26,293,395 -2.26% -0.12
Engro Polymer 21,354,668 10.41% 7.04
Pak Elektron 20,415,000 5.11% 0.82
Maple Leaf 16,092,891 -6.66% -2.37
KSE-100 Top Gainers
Company Change Volume
Engro Polymer 10.41% (7.04) 21,354,668
Punjab Oil 6.93% (12.31) 200
Pak Elektron 5.11% (0.82) 20,415,000
Colgate Palmolive 4.54% (99.98) 40
Faysal Bank 3.39% (0.91) 1,454,500
KSE-100 Top Losers
Company Change Volume
Pioneer Cement -12.91% (-10.29) 5,004,621
D.G.K. Cement -11.33% (-8.58) 6,583,130
Inter. Steel Ltd -10.81% (-7.04) 6,535,115
IGI Holdings -10.69% (-14.72) 61,100
Highnoon (Lab) -9.97% (-62.93) 30,400
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