RECORDER REVIEW

KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on May 25, 2018 on the back of healthy buying in various sectors.

BRIndex100 gained 70.68 points on week-on-week basis to close at 4,491.56 points. Average daily trading volumes stood at 103.969 million shares.

BRIndex30 increased by 201.94 points to close at 22,420.10 points with average daily turnover of 61.108 million shares.

Pakistan’s benchmark KSE-100 index surged by 450.57 points on week-on-week basis and closed at 42,074.09 points. Trading activities also improved as average daily volumes on ready counter increased by 4.0 percent to 119.50 million shares as compared to previous week’s average of 114.91 million shares. Average daily trading value however decreased by 3.5 percent to Rs 4.96 billion.

The foreign investors remained net sellers of shares worth $26.09 million as compared to a net outflow of $19.97 million in the previous week. Total market capitalization increased by Rs 91 billion to Rs 8.731 trillion.

An analyst at AKD Securities said whilst investor’s confidence remained muddled over indecisiveness exhibited on the political front (name of caretaker PM) and developments related to possible FATF grey-listing (upcoming plenary meeting on June 24, 2018), the market managed to close in the green, up 1.1 percent on week-on-week basis.

An analyst at JS Global Capital said that the KSE-100 index witnessed a rebound of 1.1 percent during the week on the back of charged bulls that took the index up by 2.7 percent in a single trading session during the week.

An analyst at Arif Habib Limited said after a bloodbath of 1,971 points in the previous week, the KSE-100 index staged a rally of 451 points, up by 1.1 percent. The speculation of finalization of caretaker Prime Minister resulted in the equity market to depict a robust return of 1,095 points, up 2.63 percent) on

Tuesday alone, recovering the losses witnessed in the preceding week. However, as the decision between opposition and the government to finalize care-taker prime minister hit some road blocks, the exchange tumbled 698pts during last two days of the ongoing week. Pertinently, sector-wise buying at the KSE-100 index was led by commercial banks (up 212 points), Fertilizers (up 136 points), Oil & Gas Exploration Companies (up 83 points), whereas selling was seen in Chemicals (down 29 points), Cement (down 27 points) and Auto Assembler (down 21 points). Meanwhile, scripwise contributors remained PPL (up 84 points), ENGRO (up 54 points), HUBC (up 50 points), FFC (up 46 points) and BAHL (up 41 points).