Pakistan Stock Exchange remained under pressure during the outgoing week ended October 12, 2018 due to selling from both local and foreign investors. BRIndex100 lost 246.52 points on week-on-week basis to close at 3,935.45 points from last week's close at 4,181.97. Average daily volumes stood at 160.633 million shares.
BRIndex30 decreased by 1086.27 points to close at 19,192.06 points with average daily turnover of 112.288 million shares. Pakistan's benchmark KSE-100 index declined by 1708.42 points on week-on-week basis and closed at 37,517.93 points. Due to selling pressure, average daily volumes on ready counter increased by 55.2 percent to 176.09 million shares as compared to previous week's average of 113.48 million shares. Average daily trading value increased by 56.8 percent to Rs 6.81 billion.
The foreign investors remained net sellers of shares worth $31 million during this week. With current week's net selling, net FIPI outflow for year-to-date 2018 accumulates to $356 million. Total market capitalization declined by Rs 361 billion to Rs 7.705 trillion.
An analyst at AKD Securities said after losing 1,772 points last week, fragile economic outlook and the ongoing foreign sell-off is taking toll on investor psyche, where the market shed another 1,708 points down 4.36 percent on week-on-week basis in this week to close KSE-100 index at 37,518 (a 119-Week Low).
Performance leaders from AKD universe during the week were KEL (up 4.20 percent), ASTL (up 2.84 percent), OGDC (up 0.89 percent) and PTC (up 0.62 percent) while laggards included PSMC (down 20.24 percent), CHCC (down 16.37 percent), MLCF (down 12.96 percent), INDU (down 11.37 percent) and FATIMA (down 0.08 percent).
An analyst at JS Global Capital said with a rollercoaster ride in the passing week the KSE-100 index closed down 4.4 percent at 37,518 level.
Rupee devaluation boded well for the Exploration & Production sector as it closed down 0.3 percent only, outperforming the KSE-100 index with Oil and Gas Development Company (OGDC, up 0.9 percent) as best performer from the sector. Nonetheless, the Refinery sector (down 15 percent) felt the brunt from rupee devaluation, with National Refinery Ltd (NRL, down 22 percent) as the worst performer from the sector.
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