KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on August 7, 2020 on the back of healthy buying by local and foreign investors, marking the 7th continuous week of positive close.
BRIndex100 gained 104.76 points on week-on-week basis to close at 4,163.72 points. Average daily volumes stood at 598.056 million shares.
BRIndex30 increased by 586.06 points during this week to close at 21319.94 points with average daily turnover of 430.359 million shares.
KSE-100 Index surged by 771.25 points or 2.0 percent on week-on-week basis and closed at 40,029.69 points. Trading activities also improved significantly as average daily volumes on ready counter increased by 63.7 percent to 638.16 million shares as compared to previous week's average of 389.84 million shares. Average daily trading value increased by 44.4 percent to Rs 24.40 billion.
The foreign investors also remained net buyers of shares worth $3.725 million during this week. Total market capitalization increased by Rs 129 billion to Rs 7.423 trillion.
"Bulls continue to dominate the market with the market breaking 40,000 barrier (after a gap of 6 month), daily volume reaching 4 year high to 950.7 million shares and traded value reaching 38 month high of Rs 34.5 billion in the outgoing week", an analyst at AKD Securities said. KSE-100 Index closed at 40,030 points, up 1.96 percent on week-on-week basis and marking the 7th continuous week of positive close.
Major sectors were led by Engineering (up 13.5 percent on optimism surrounding construction activities), Cements (up 6.3 percent) and Autos (up 5.0 percent) while Refinery sector (up 12.2 percent on draft policy favoring midstream and downstream oil) was the leader in side boards.
Top performers during the week were JLICL (up 36.0 percent), PSX (up 23.1 percent), HCAR (up 22.2 percent), PIOC (up 20.9 percent), and PSMC (up 20.7 percent) while laggards were BNWM (down 5.5 percent), SYS (down 5.2 percent), SHFA (down 4.7 percent), IDYM (down 4.2 percent) and FATIMA (down 4.1 percent).
An analyst at JS Global Capital said that the KSE-100 Index continued its bullish momentum, to close up 2.0 percent this week, at 40,030 levels.
The impetus was intact on the back of improvement in the Covid-19 situation in Pakistan, leading to opening of economic activities in the country.
The ongoing rally has been supported by increasing investor participation every week where this week traded volumes surged by 64 percent on week-on-week basis, marking a three-year high in a singly trading session (827 million shares).
Key net buyer during the week was the Individuals segment ($41 million), while hefty net selling was observed by the Insurance ($29 million) segment.
The Cement sector continued to be one of the leading performers (up 6.3 percent) this week as well, where the sector's dispatches growth for the month of July-2020 were reported at 37 percent on year-on-year basis.
The banking sector outperformed the KSE-100 index this week (up 2.0 percent) as better results and uptick in KIBOR boosted investor confidence.
Copyright Business Recorder, 2020