Pakistan Stock Exchange remained under severe pressure during the outgoing week ended on February 28, 2020 due to panic selling by both local and foreign investors. BRIndex100 shed 255.69 points on week-on-weed basis to close at 3,953.72 points. Average daily trading volumes stood at 159.917 million shares.
BRIndex30 declined by 1843.08 points to close at 19,668.16 points with average daily turnover of 122.874 million shares. KSE-100 index plunged by 2265.60 points on week-on-week basis and closed at 37,983.62 points. Trading activities however improved as average daily volumes on ready counter increased by 63.1 percent to 173.60 million shares as compared to previous week's average of 106.45 million shares. Average daily trading value increased by 54.0 percent to Rs 7.41 billion.
Total market capitalization declined by Rs 436 billion to stand at Rs 7.094 trillion. "Following global equities, KSE-100 index drained 5.6 percent on week-on-week basis to close at 37,984 points as foreigners trimmed their positions (net sell: $22.5 million) preferring safer assets amidst impact of spread of Coronavirus outside China on global growth outlook", an analyst at AKD Securities said. Mutual funds followed suit with a net sell of $11.6 million. The selling was absorbed by Insurance (Net Buy: $25.3 million) and Banks/DFIs (Net Buy: $7.8 million).
Top gainers within AKD universe were CHCC (up 4.6 percent), GWLC (up 4.1 percent), MLCF (up 3.0 percent), PIOC (up 3.0 percent) and DGKC (up 1.0 percent) whereas laggards were HASCOL (down 16.0 percent), PPL (down 13.7 percent), KAP-CO (down 13.3 percent), OGDC (down 10.5 percent) and PAEL (down 10.4 percent).
An analyst at JS Global Capital said that the Coronavirus continued to keep a firm grip on the local headlines this week, as the number of reported cases increased in Italy and neighbouring Iran while a couple of cases were also identified in Pakistan. The panicky scenario was naturally not exclusive to Pakistan, with most major regional and global markets receding during the week and this was also the case in the local market.
Not in one session did the market close in the green zone, remaining firmly etched in red, finally ending the week at 37,983 level, down 5.6 percent on week-on-week basis. That said, after plunging 1,420 points in Thursday's session (after Coronavirus cases reported in Pakistan), the market did manage to recover to close 250 points in the red zone that day.
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