Pakistan Stock Exchange remained under pressure during the outgoing week ended on July 26, 2019 due to selling in various sectors. BRIndex100 lost 31.92 points on week-on-week basis to close at 3,359.73 points. Average daily trading volumes stood at 71.833 million shares. BRIndex30 decreased by 55.17 points to close at 17,258.66 points with average daily turnover of 56.150 million shares.
KSE-100 Index declined by 355.50 points on week-on-week basis and closed at 32,103.27 points. Trading activities remained thin as average daily volumes on ready counter decreased by 28.8 percent to 75.26 million shares as compared to previous week's average of 105.69 million shares. Average daily trading value declined by 29.9 percent to Rs 2.63 billion.
Total market capitalization declined by Rs 111 billion or 1.7 percent to stand at Rs 6.464 trillion. An analyst at AKD Securities said that the KSE-100 Index remained in the free fall state for the consecutive third week, losing 1.1 percent on week-on-week basis to close at 32,103 points. Even the successful visit of Prime Minister Imran Khan to the US, and positive statements from IMF officials over government's economic policies failed to improve market sentiment, average daily volumes for the week stood at 75.3 million shares against 105.7 million shares in the previous week.
Amongst major sectors, Food and Power closed in red (down 7.1 percent and 3.8 percent respectively) whereas heavy-weights Banks and E&P, and Cements and Fertilizer closed in flat.
Top performers during the week in the AKD Universe were INDU (up 7.01 percent), POL (up 2.90 percent), UBL (up 1.57 percent), HBL (up 1.42 percent) and FFC (up 1.02 percent) while FFBL (down 10.09 percent), HASCOL (down 9.79 percent), MLCF (down 9.15 percent), PIOC (down 8.23 percent) and ASTL (down 7.69 percent) were the worst performers.
An analyst at JS Global Capital said that the week started off on a high, as positive news continued to flow in from the PM Imran Khan's US visit, where he held meetings with President Donald Trump, key officials in US Congress and had one very successful speech with the Pakistani-American diaspora (with record attendance).
The protests led to a reversal in market fortunes, leading to a declining index in the last two trading sessions. Moreover, corporate results started to flow in, where negative results such as HBL among banks and PSMC for autos added to the negativity, leading to a sliding KSE-100 index.
Comments
Comments are closed.