Pakistan Stock Exchange remained under pressure during the outgoing week ended on June 22, 2018 due to selling in almost all sectors. BRIndex100 lost 230.66 points on week-on-week basis to close at 4,454.43 points. Average daily trading volumes stood at 114.188 million shares.
BRIndex30 declined by 1132.28 points during this week to close at 22,006.74 points with average daily turnover of 89.545 million shares.
Pakistan's benchmark KSE-100 index plunged by 2,043.30 points on week-on-week basis and closed at 41,637.38 points. Trading activities slightly improved as average daily trading volumes on the ready counter increased by 29.0 percent to 170.07 million shares as compared to previous week's average of 131.84 million shares. Average daily trading value increased by 14.9 percent to Rs 7.42 billion.
The foreign investors remained net sellers of shares worth $24.53 million as compared to previous week's outflow of $4.45 million from the local equity market. Total market capitalization declined by Rs 438 billion to Rs 8.539 trillion.
An analyst at AKD Securities said that continuing its volatile trend, the benchmark KSE-100 Index stayed in the red territory this week as well after further declining by 2,044 points or 4.68 percent on week-on-week basis to close the current week at 41,637 points, lowest level of ongoing calendar year.
Rising concerns regarding global growth amid ongoing trade war (US and China) and domestic macroeconomic headwinds were major reasons behind the overall poor performance of the market during the week.
Performance leaders from our AKD universe during the week were FATIMA (up 4.69 percent), FFC (up 2.84 percent) and EFERT (up 1.59 percent) while laggards included MLCF (down 12.50 percent), ASTL (down 10.53 percent), HASCOL (down 9.72 percent) HBL (down 9.59 percent) and LUCK (down 7.70 percent).
An analyst at JS Global Capital said any sort of a festive mood that investors might have been harboring post Eid holidays was quickly wiped off, as the KSE-100 index nosedived this week by a whopping 2,043 points, down 4.7 percent.
The main reason for battering the local bourse took was the decision to downgrade Pakistan's outlook from 'Stable' to 'Negative' by Moody's, the international credit rating agency, citing precarious external accounts scenario and consequently, depleting foreign exchange reserves.
An analyst at Arif Habib Limited said post Eid holiday sessions at the domestic equity market remained chaotic and gloomy with 2,043 points being eroded from the KSE-100 index.
Sector wise laggards were commercial banks (contributing a negative 666 points) amid foreign selling, oil and gas exploration companies (down 356 points) owed to profit taking, cements (down 217 points) with margins expected to take a hit given rising coal prices and PKR depreciation, oil and gas marketing companies (down 155 points) and automobile assemblers (down 102 points).
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