Pakistan Stock Exchange witnessed bearish trend during the outgoing week ended on April 13, 2018 due to selling mainly by local investors. BRIndex100 lost 63.95 points on week-on-week basis to close at 5,007.56 points. The average daily trading volumes stood at 207.763 million shares. BRIndex30 decreased by 270.39 points to close at 25,642.86 points with average daily turnover of 119.601 million shares.
Pakistan's benchmark KSE-100 index declined by 565.76 points on week-on-week basis and closed at 46,071.86 points. Average daily trading volumes on ready counter decreased by 4.6 percent and stood at 247.46 million shares. Average daily trading value declined by 29.6 percent to Rs 9.30 billion.
The foreign investors were net buyers of shares worth $17.45 million during this week as compared to an inflow of $3.62 million during the previous week. Total market capitalization declined by Rs 88 billion to Rs 9.443 trillion.
An analyst at AKD Securities said despite oil rising to its 40-month high of $73/bbl, the KSE-100 could not sustain the amnesty scheme-led rally, slipping 565.76 points or 1.21 percent on week-on-week basis to close at 46,071.86 points on the back of FATF/IMF raising concerns over the Tax-amnesty scheme aimed at bringing off-shore assets back to Pakistan, ADB becoming skeptical over Pakistan's growth outlook in FY19 due to Balance of Payment constraints and SC ordering silicosis centers to be set up at all cement factories across the country, leading to pressure on the cement sector.
Outperformers of the AKD universe during the week included FFC (up 3.47 percent), KEL (up 2.89 percent), FFBL (up 2.04 percent), PPL (up 0.90 percent) and EFERT (up 0.88 percent) while the laggards were KAPCO (down 8.07 percent), FCCL (down 5.19 percent), DGKC (down 4.65 percent), HBL (down 4.48 percent) and CHCC (down 4.37 percent).
An analyst at JS Global Capital said that the market witnessed dull trading activity during the week with benchmark KSE-100 index plummeting by 1.2 percent on week-on-week basis.
Apart from profit taking by investors, uncertainties surrounding upcoming federal budget amidst resistance from opposition parties and hearings of key political cases in the Supreme Court hurt investor sentiments during the week.
Sectors such as Autos (up 1.7 percent), Insurance (up 1.4 percent), Fertilizers (up 0.8 percent) and Oil & Gas Exploration (up 0.1 percent) remained the major outperformers during the week. Other heavyweights such as Banks (down 2.7 percent), Cements (down 3.5 percent), Pharmaceuticals (down 2.6 percent) and Chemicals (down 4.0 percent) underperformed the index, ultimately dragging overall index down to end in the red zone.
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