Mixed trend witnessed

Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on April 26, 2019. BRIndex100 lost 18.38 points on week-on-week basis to close at 3,913.43 points. Average daily volumes stood at 114.462 million shares. BRIndex30 gained 97.49 points during this week to close at 20,120.84 points with average daily turnover of 82.689 million shares. Trading activities remained low as average daily volumes decreased by 30.3 percent to 122.45 million shares as compared to previous week's average of 175.69 million shares. Average daily trading value declined by 15.0 percent to Rs 4.69 billion.
The foreign investors emerged net buyers of shares worth $9.3 million during this week. Total market capitalization declined by Rs 41 billion to Rs 7.528 trillion.
An analyst at AKD Securities said that the market started the week on a negative note, losing 888 points (down 2.4 percent) in the first two trading sessions, as the gloom and doom on the macro-economic situation kept the broader market sentiment depressed. The stocks later rallied 2.0 percent in the last three trading session on earnings beat in key sectors (i.e. Cements and Banks: up 2 percent/1.5 percent), recouping some of earlier losses.
Performance wise CHCC (up 8.17 percent), UBL (up 5.16 percent), FCCL (up 4.76 percent), HMB (up 4.29 percent) and INDU (up 3.56 percent) were the major gainers in AKD Universe, while laggards included FFBL (down 10.10 percent), ASTL (down 10.08 percent), FATIMA (down 7.30 percent), PSMC (down 6.89 percent) and MLCF (down 4.13 percent).
An analyst at JS Global Capital said that the Pakistan's equity market witnessed a volatile week. At the verge of entering an IMF program, economic clarity continues to evade investors: it seems as though the unanticipated reshuffle of the federal cabinet, including removal of the finance minister, at such a crucial stage has had lingering effects on the markets.
During the week, the constant flow of quarterly results remained in the spotlight where the Banking sector in particular stood out with noteworthy results, bringing some sanity to the oversold market.