Equities rebound

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SOURCEBusiness Recorder
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Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended October 4, 2019 on the back of healthy buying in various sectors. BRIndex100 gained 134.48 points on week-on-week basis to close at 3,475.88 points. Average daily volumes stood at 208.264 million shares. BRIndex30 increased by 906.42 points to close at 18,260.36 points with average daily turnover of 148.701 million shares. equities

KSE-100 Index surged by 962.51 points on week-on-week basis and closed at 33,033.32 points. Trading activities also improved as average daily volumes on ready counter increased by 106.4 percent to 222.84 million shares as compared to previous week’s average of 107.97 million shares. Average daily trading value increased by 58.6 percent to Rs 6.25 billion.

Also Read: Stage set for accumulation of stocks by value hunters

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The foreign investors were the net sellers of shares worth $4.70 million during this week. Total market capitalization increased by Rs 144 billion to Rs 6.553 trillion. “After a choppy start to week the index picked up pace as increase in cement prices and a 12.4 percent increase in local cement dispatches, signalling a revival in broad construction demand, generated interest resulting in cyclical and construction sector posting handsome performance,” an analyst at AKD Securities said.

The momentum gained strength as key stakeholders from the government assured their support to business community resulting in market overlooking stronger than expected inflation reading. Top performers during the week in the AKD Universe were DGKC (up 21.87 percent), CHCC (up 20.93 percent), MLCF (up 20.5 percent), GWLC (up 18.21 percent) and PIOC (up 18.02 percent) while POL (down 2.17 percent) and FATIMA (down 1.65 percent) were the major losers.

An analyst at JS Global Capital said that the KSE-100 index witnessed a rebound this week. Investor sentiments turned positive this week amid news reports of 14 percent increase in tax collection during the first quarter of FY20 and achievement of other IMF quantitative targets for the same period. equities

Sectors such as Engineering/Steel (up 16 percent), Oil & Gas Marketing Companies (up 6 percent) and Power (up 6 percent) led the rally this week. Moreover, increase in cement prices and encouraging dispatch numbers for September-2019 brought excitement in the Cement sector which closed up 11 percent.

(This news/article originally appeared in Business Recorder on October 7th, 2019)

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