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.