Pakistan Stock Exchange remained under pressure during the outgoing week ended on August 2, 2019 and closed in red zone for the fourth week in a row due to continuous selling in various sectors. BRIndex100 lost 46.95 points on week-on-week basis to close at 3,312.78 points. Average daily volumes stood at 53.039 million shares.
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BRIndex30 decreased by 277.76 points to close at 16,980.90 points with average daily turnover of 37.746 million shares. KSE-100 Index declined by 436.86 points or 1.36 percent on week-on-week basis and closed at 31,666.41 points. Trading activities remained thin as average daily volumes on ready counter decreased by 24.4 percent to 56.88 million shares as compared to previous week’s average of 75.26 million shares. Average daily trading value declined by 21.8 percent to Rs 2.06 billion.
Total market capitalization declined by Rs 120 billion to Rs 6.344 trillion. An analyst at AKD Securities said that the market extended its 4th-week losing streak, as investors shifted their focus narrowly on poor result showing, overlooking numerous positives in the process (ie soft inflation reading, government-backed Sanjrani’s surprise win in the Senate vote, resumption of military sales from the US). In this backdrop, the KSE-100 Index lost 437 points or 1.36 percent to close the week at 31,666 points.
Top performers during the week in AKD Universe were APL (up 4.47 percent), FATIMA (up 4.38 percent) and POL (up 3.35 percent) while ASTL (down 12.74 percent), HASCOL (down 8.44 percent) and EFOODS (down 8.43 percent) remained the worst performers.
An analyst at JS Global Capital said yet another week and yet again the market stayed jittery, declining 437 points to close at 31,666 points. As was the case in the recent past, macroeconomic issues dominated market momentum, where reform measures in process have created a dull investment outlook. Moreover, monthly inflation was released this week, where CPI stood at 10.34 percent during July and core inflation jumped to 7.6 percent from 7.2 percent in June. Pakistan Stock Exchange
(This news/article originally appeared in Business Recorder on August 5th, 2019)