Mixed trend witnessed

Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on December 13, 2019.

BRIndex100 closed at 4,270.92 points, down 9.57 points on week-on-week basis. Average daily trading volumes stood at 245.698 million shares.

BRIndex30 gained 39.25 points to close the week at 22,289.40 points with average daily turnover of 174.079 million shares.

KSE-100 index increased by 184.34 points on week-on-week basis and closed at 40,916.59 points. Trading activities remained thin as average daily volumes on ready counter decreased by 40.7 percent to 275.49 million shares as compared to previous week's average of 464.85 million shares. Average daily trading value declined by 36.4 percent to Rs 10.31 billion.

Total market capitalization increased by Rs 106 billion to Rs 7.902 trillion.

An analyst at AKD Securities said that the KSE-100 closed at 40,917 points, up 0.45 percent on week-on-week basis, cooling down after a stellar 14 percent bullish momentum in November 2019.

Following Moody's upgrade of Pakistan's outlook from 'Negative' to 'Stable' last week, Asian Development Bank (ADB) announced $1.3 billion budgetary support to Pakistan - the funds came in mid-week. Despite sukuk payment of $1.0 billion in early December 2019, forex reserves are reportedly expected to touch 8 month high of $10.4 billion. On the same note, IMF's board meeting, scheduled on 19th November 2019, is expected to be followed by $450 million tranche release.

Top performers during the week included NCL (up 5.51 percent), OGDC (up 5.48 percent) and PPL (up 4.55 percent), while PSMC (down 12.23 percent), PIOC (down 9.96 percent) and ASTL (down 8.36 percent) remained the worst performers.

An analyst at JS Global Capital said that the market took a much needed breather this week, which was not altogether unexpected, given the sharp gains in preceding weeks.

During the final trading session, the KSE-100 depicted some characteristic resurgence to close up by 0.5 percent at 40,917 to make it seven on the trot in terms of weekly gains.