Equities remain under pressure

Pakistan Stock Exchange remained under pressure during the outgoing week ended on August 17, 2018 due to selling in various sectors. BRIndex100 lost 44.5 points on week-on-week basis to close at 4,586.51 points. Average daily volumes stood at 145.451 million shares. BRIndex30 decreased by 295.15 points to close at 23,140.34 points with average daily turnover of 98.281 million shares.
Pakistan''s benchmark KSE-100 index declined by 395.56 points on week-on-week basis and closed at 42,446.62 points. Trading activities remained low as average daily volumes on ready counter decreased by 22.6 percent to 161.21 million shares as compared to previous week''s average of 208.21 million shares. Average daily trading value declined by 17.9 percent to Rs 7.96 billion.
The foreign investors remained net sellers of shares worth $6.55 million during this week as compared to net outflow of $38.63 million in the previous week. Total market capitalization declined by Rs 396 billion to Rs 8.703 trillion. An analyst at AKD Securities said that remaining volatile for most part of the week (KSE-100 index lost 881 points during first three sessions), the market made decent recovery on the last trading day of the outgoing week (up 486 points) to close at 42,447 points, down 0.92 percent on week-on-week basis.
Performance leaders from AKD universe during the week were APL (up 5.38 percent), PSO (up 2.64 percent), ABL (up 1.69 percent) and FFC (up 1.22 percent); while laggards included PSMC (down 7.08 percent), HBL (down 5.72 percent), DGKC (down 5.29 percent), GWLC (down 4.79 percent) and PIOC (down 4.67 percent).
An analyst at JS Global Capital said that the local bourse ended the week down by 0.9 percent on week-on-week basis to close at 42,447 level. Emerging markets around the globe suffered from the fallout between the US and Turkey, on the latter''s refusal to release a US national. This prompted the US to impose heavy tariffs on Turkish imports, evoking a similar response from its counterpart.
Among major sectors, cements underperformed the KSE-100 index by 0.8 percent, which was due likely due to profit taking post recent rally in the sector. Major losers during the week included PAEL (down 10 percent) on dismal earnings'' announcement and SSGC (down 7 percent), on news that it lost a case in international arbitration for failing to provide gas to Habibullah Coastal Power Company.