Equities remain lackluster : Pakistan Stock Exchange

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SOURCEBusiness Recorder
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Pakistan Stock Exchange remained under pressure during the outgoing week ended July 12, 2019 due to selling in various sectors. BRIndex100 lost 55.01 points on week-on-week basis to close at 3,525.43 points. Average daily trading volumes stood at 46.822 million shares. BRIndex30 decreased by 268.06 points to close at 17,982.08 points with average daily turnover of 30.371 million shares.

KSE-100 Index declined by 518 points or 1.51 percent on week-on-week basis and closed at 33,672 points. Trading activities remained low as average daily volumes on ready counter decreased by 41 percent on week-on-week basis to 51 million shares as compared to the previous week’s average of 86.55 million shares.

Also Read: Stocks stay flat as volume hits seven-year low

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The foreign investors remained net buyers of shares worth $5.91 million as compared to net inflow of $5.92 million during previous week. Total market capitalization declined by Rs 105 billion to stand at Rs 6.805 trillion. An analyst at AKD Securities said that the market remained lacklustre during the week, influenced by lack of participation and no significant trigger.

Increase in fertilizer prices created some positive sentiment in the sector and brought it amongst the top performers while majority of other sectors remained dreary – in-line with the overall sentiment. Key performers from the AKD Universe included FFC (up 2.4 percent), APL (up 1.83 percent), CHCC (up 1.7 percent) and EFERT (up 0.6 percent), whereas laggards during the week were DGKC (down 9.2 percent), PSMC (down 8.3 percent), HASCOL (down 7.5 percent) and MLCF (down 6.9 percent). Pakistan Stock Exchange

An analyst at Arif Habib Limited said that the KSE-100 Index commenced on a negative note this week. The lacklustre attitude prevailed amid bleak near-term macro-economic outlook following release of IMF staff report. Additionally, apprehensions with regards to issue of Sukuk bonds for circular debt resolution kept the momentum suppressed. With SBP announcing the date for monetary policy on the last day of the week, the investor sentiment further deteriorated. Pakistan Stock Exchange

Agriculture initiative needs joint ownership

Sector-wise negative contributions came from Commercial Banks (minus 81 points), Power Generation & Distribution (minus 77 points), Oil & Gas Marketing Companies ( minus 53 points), Automobile Assembler (minus 53 points) and Cement (minus 50 points). Scrip-wise negative contributions came from HUBC (down 53 points), PSO (down 37 points), BAHL (down 29 points), DGKC (down 24 points) and INDU (down 21 points). On the other hand, positive scrip-wise contributions came from FFC (up 34 points), DAWH (up 16 points) and EFERT (up 5 points).

(This news/article originally appeared in Business Recorder on July 15th, 2019)

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