Pakistan Stock Exchange remained under pressure during the outgoing week ended on February 16, 2018 due to selling in various sectors. BRIndex100 lost 14.33 points on week-on-week basis to close at 4,679.18 points. The average daily volumes stood at 168.176 million shares. BRIndex30 decreased by 107.27 points to close at 24,346.58 points with average daily turnover of 107.174 million shares.
Pakistan''s benchmark KSE-100 index declined by 181.70 points on week-on-week basis and closed at 43,627.10 points. Trading activities on the ready counter remained low as average daily volumes decreased by 18.8 percent to 198.77 million shares as compared to previous week''s average of 244.90 million shares. Average daily trading value declined by 23.7 percent to Rs 7.36 billion.
The foreign investors remained net sellers of shares worth $16 million during this week. Total market capitalization decreased by Rs 48 billion to Rs 9.051 trillion.
An analyst at AKD Securities said that political happenings namely CJP''s remarks in an Election Act Case, US bid to put Pakistan on global terrorist-financing watch list and NAB''s move to get the names of Nawaz Sharif and others placed on ECL, have once again put investors on notice. This along with unabated foreign selling eroded the investors'' confidence, with KSE-100 index losing 182 points down 0.41 percent on week-on-week basis during the week to close at 43,627 points.
Sector wise, commercial banks gained 2.5 percent on a relatively favourable SC''s judgment in a pension case, while Pharma sector lost 4.1 percent on account of the SC taking notice of Sindh High Court''s stay order in hardship medicines case. Performance wise, major gainers during the week were HBL (up 8.44 percent), UBL (up 3.67 percent), ABL (up 2.25 percent) and PPL (up 2.12 percent), whereas laggards included MLCF (down 8.32 percent), DGKC (down 6.62 percent), NCL (down 4.91 percent), PTC (down 4.85 percent) and FCCL (down 4.61 percent).
An investor at JS Global Capital said that the investors witnessed a roller coaster like ride during the week with the benchmark KSE-100 index ultimately closing 0.4 percent lower at 43,627. A plethora of macroeconomic and political news along with ongoing corporate results season contributed towards swinging sentiments at the bourse. Sectors such as Cements (down 3.9 percent on weak profitability forecasts for the quarter amidst weak retention prices), Pharmaceuticals (down 4.1 percent on expectations of weak results after recent depreciation of PKR against the greenback), OMCs (down 2.9 percent on profit taking) and Autos (down 1.3 percent on resumption of old rules for imported cars) witnessed heavy pummeling. Interest in heavyweight Banks (up 2.5 percent) and E&Ps (up 0.8 percent) somewhat helped withstand market decline but overall weak sentiments prevailed amid persistent political noise (US move to put Pakistan on terror watch list for example) and concerns over external debt sustainability (recent debt figures suggest whopping increase of $5.8 billion in foreign debt over the past six months).
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