Bullish trend witnessed

Pakistan Stock Exchange witnessed bullish trend during the second consecutive week on the back of healthy buying in almost all sectors. BRIndex100 gained 129.24 points on week-on-week basis to close at 3,297.04 points. Average daily trading volumes stood at 122.813 million shares. BRIndex30 increased by 639.73 points to close at 17,105.56 points with average daily turnover of 87.974 million shares.
KSE-100 index surged by 1,014.11 points or 3.3 percent on week-on-week basis and closed on 31,481.31 points. Trading activities also improved as average daily volumes on ready counter increased by 39.2 percent to 129.53 million shares as compared to previous week''s average of 93.02 million shares. Average daily trading value increased by 69.3 percent to Rs 5.91 billion.
The foreign investors remained net sellers of shares worth $1.01 million. Total market capitalization increased by Rs 125 billion or 2.0 percent to Rs 6.312 trillion.
An analyst at AKD Securities said coming-off from holidays, KSE-100 index continued with the previous week''s trend gaining 3.3 percent on week-on-week basis to close at 31,481 points.
On sectoral performance, E&Ps led the pack with a gain of up 5.2 percent, followed by Chemicals (up 4.5 percent) and Power (up 4.1 percent) while worst performer for the week was Food and Personal Care sector (down 1.8 percent). Cyclicals also came to the fore following expectation of rate cut with Cements, up 2.8 percent and Engineering, up 4.0 percent.
Within AKD universe, top performers included KAPCO (up 10.69 percent), POL (up 10.64 percent), PPL (up 8.91 percent), LUCK (up 8.71 percent) and BAFL (up 7.76 percent), while laggards included HASCOL (down 14.23 percent), MLCF (down 3.37 percent), GWLC (down 1.83 percent) and PIOC (down 1.63 percent).
An analyst at Topline Securities said for the second consecutive week index provided positive weekly return of 3.3 percent taking two weeks return to 6.1 percent.
This week consisted of only 3 trading sessions in which 2 sessions closed in green, while last session of week closed negatively. Positive sentiment was witnessed among investors due to decline in secondary market yields after T-bills auction, positive progress on FATF front as per the media reports and investments by pension funds in the equity market.
All major fertilizer stocks ie FFC gained 2.1 percent, EFERT 6.3 percent and FATIMA 5.7 percent during the week on back of recent price hike in Urea of Rs 200/bag.