RECORDER REVIEW
KARACHI: Pakistan Stock Exchange witnessed bearish trend during the outgoing week ended on April 20, 2018 due to selling in various sectors.
BRIndex100 lost 161.53 points on week-on-week basis to close at 4,846.03 points. Average daily volumes stood at 124.345 million shares.
BRIndex30 declined by 1027.25 points to close at 24,615.61 points with average daily turnover of 84.582 million shares.
Pakistan’s benchmark KSE-100 index plunged by 812.52 points on week-on-week basis and closed at 45,259.34 points. Trading activities also remained low as average daily volumes on ready counter decreased by 37.3 percent to 155.15 million shares. Average daily trading value declined by 19.0 percent to Rs 7.53 billion.
The foreign investors remained net sellers of shares worth $41.79 million during the week as compared to an inflow of $17.45 million recorded in the previous week. Total market capitalization declined by Rs 113 billion to Rs 9.330 trillion.
An analyst at AKD Securities said that sentiments dampened during the outgoing week, with benchmark KSE-100 closing at 45,259.34 points, down 1.76 percent on week-on-week basis as investors factored in heightening political noise along with seesawing budgetary expectations as the incumbent government’s tenure ends in May 2018.
Performance leaders during the week were BAFL (up 4.2 percent), APL (up 3.17 percent), EFERT (up 2.17 percent), INDU (up 1.7 percent) and KAPCO (up 1.1 percent); while laggards included FFBL (down 10.56 percent), DGKC (down 8.38 percent), OGDC (down 6.57 percent), HBL (down 5.61 percent) and FCCL (down 5.4 percent).
An analyst at JS Global Capital said that bearish sentiments continued to persist throughout the week with benchmark KSE-100 index shedding 813 points on week-on-week basis. Continued bloodbath can be attributed to chaotic political landscape.
In terms of sectors, small-mid cap sectors such as tobacco (up 7.4 percent), chemicals (up 5.8 percent) and pharmaceuticals (up 1.6 percent) remained the major outperformers whereas large cap sectors such as cements (down 4.4 percent), oil & gas exploration (down 3.6 percent), fertilizers (down 1.5 percent), oil & gas marketing (down 1.4 percent) witnessed pummeling during the week.
