Pakistan Stock Exchange remained under pressure and closed on negative note due to selling by both local and foreign investors during the week ended May 8, 2020.
BRIndex100 lost 102.58 points on week-on-week basis to close at 3,413.76 points. Average daily trading volumes stood at 167.465 million shares.
BRIndex30 decreased by 418.25 points to close at 17,793.66 points with average daily turnover of 128.914 million shares.
KSE-100 Index declined by 843.95 points or 2.5 percent on week-on-week basis and closed at 33,267.69 points. Trading activities slightly improved as average daily volumes on ready counter increased by 6.5 percent to 190.19 million shares as compared to previous week's average of 178.56 million shares. Average daily trading value increased by 4.2 percent to Rs 8.15 billion.
Total market capitalization declined by Rs 71 billion to Rs 6.305 trillion.
"After posting a spectacular performance in the previous week (up 3.98 percent), the market lost some of its steam as profit taking dominated investor sentiment", an analyst at AKD Securities said.
Top gainers during the outgoing week were SHEL (up 26.5 percent), YOUW (up 22.8 percent), IDYM (up 21.6 percent) and HMM (up 17.1 percent), whereas laggards during the week were KTML (down 15.1 percent), CHCC (down 12.6 percent) and SERT (down 12.2 percent).
An analyst at JS Global Capital said that the Pakistan equities saw a bearish week as the KSE-100 closed at 33,267 level, having lost 844 points. The underperforming cyclical stocks (Cements and Engineering) have played a role in dragging down the index.
Foreign selling continued this week, particularly in index heavyweight sectors (E&Ps and Commercial Banks) while on the local front, individuals emerged as major buyers.
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