KARACHI: Pakistan Stock Exchange saw the fifth consecutive week on positive note on the back of local investors and institutional support.
BRIndex100 gained 29.99 points on week-on-week basis to close at 3,876.59 points. Average daily volumes stood at 372.561 million shares.
BRIndex30 inched up by 139.79 points to close at 19807.39 points with average daily turnover of 242.465 million shares.
KSE-100 Index increased by 276.77 points on week-on-week basis and closed at 37,607.62 points. Trading activities remained low as average daily volumes on ready counter decreased by 3.3 percent to 412.47 million shares as compared to previous week's average of 426.44 million shares. Average daily trading value declined by 1.5 percent to Rs 16.33 billion.
The foreign investors remained net sellers of shares worth $9.3 million during this week. Total market capitalization declined by Rs 7 billion to Rs 7.072 trillion.
An analyst at AKD Securities said that the outgoing week marks as the 5th consecutive week, where KSE-100 Index closed in green. The market maintained its bullish momentum in the first three trading sessions, however witnessed consolidation in the latter part of the week, closing at 37,608pts, up 0.74 percent on week-on-week basis.
The market rumors on fines on cement companies as well as profit taking dragged the cement sector under pressure in last two trading sessions.
Major gainers from KSE-100 were SHEL (up 21.4 percent), SERT (up 21.2 percent), ANL (up 11.5 percent) and KAPCO (up 11.0 percent), whereas laggards dragging the index lower were ARPL (down 6.2 percent), PAEL (down 6.4 percent), DGKC (down 6.4 percent) and PMPK (down 6.9 percent).
An analyst at JS Global Capital said after starting off positive, the local bourse lost steam later on in the week, with the KSE-100 closing at 37,607, 0.7 percent on week-on-week basis.
Energy sectors such as Refinery (up 1.3 percent), Oil & Gas Marketing Companies (up 1.7 percent) and Power (up 1.1 percent) were among notable gainers.
Copyright Business Recorder, 2020