Pakistan Stock Exchange witnesses mixed trend

By Arhama Altaf - Web Editor

16th December, 2019

Pakistan Stock Exchange (PSX) witnessed mixed trend during the outgoing week ended on December 13, 2019.

BRIndex100 closed at 4,270.92 points, down 9.57 points on week-on-week basis. Average daily trading volumes stood at 245.698 million shares.

BRIndex30 gained 39.25 points to close the week at 22,289.40 points with average daily turnover of 174.079 million shares.

KSE-100 index increased by 184.34 points on week-on-week basis and closed at 40,916.59 points.

Trading activities remained thin as average daily volumes on ready counter decreased by 40.7 percent to 275.49 million shares as compared to previous week’s average of 464.85 million shares.

Average daily trading value declined by 36.4 percent to Rs 10.31 billion.

Total market capitalization increased by Rs 106 billion to Rs 7.902 trillion.

An analyst at AKD Securities said that the KSE-100 closed at 40,917 points, up 0.45 percent on week-on-week basis, cooling down after a stellar 14 percent bullish momentum in November 2019.

Following Moody’s upgrade of Pakistan’s outlook from ‘Negative’ to ‘Stable’ last week, Asian Development Bank (ADB) announced $1.3 billion budgetary support to Pakistan – the funds came in mid-week.

Despite sukuk payment of $1.0 billion in early December 2019, forex reserves are reportedly expected to touch 8 month high of $10.4 billion.

On the same note, IMF’s board meeting, scheduled on 19th November 2019, is expected to be followed by $450 million tranche release.

An analyst at JS Global Capital said that the market took a much needed breather this week, which was not altogether unexpected, given the sharp gains in preceding weeks.

During the final trading session, the KSE-100 depicted some characteristic resurgence to close up by 0.5 percent at 40,917 to make it seven on the trot in terms of weekly gains.

Bulls returned to the Pakistan Stock Exchange (PSX) during early trading hours on Monday, and lifted the benchmark KSE 100-share Index to 41,425.19 with a massive increase of 508.60 points or 1.24 per cent.

Amid positive market triggers, the KSE-100 index has crossed the 41,000-point mark at 11-month high levels.

On Friday, the KSE 100-share Index closed at 40,916.59 after gaining 184 points or 0.5 per cent on a weekly basis, and continued the positive streak for the seventh consecutive week. It was supported by buying interest in stocks of oil companies.

The index was last seen trading above 41,000 points in February 2019. So far, the market has regained over 11,000 points after hitting a five-year low at 28,671 points in August 2019. The index has been lifted by 7,259 points or 21.6 per cent in the last seven weeks.

You May Also Like

Global Aviation
23rd Feb, 2020

Global aviation to suffer $29.3B revenue loss in 2020 due to coronavirus

The International Air Transport Association (IATA) forecast $29.3 billion revenue loss for...

Jafurah field
23rd Feb, 2020

Jafurah field project to make Saudi Arabia gas exporter country

The Jafurah field, a $110 billion project is expected to make Kingdom...

AED to PKR Rates 23 feb
23rd Feb, 2020

AED To PKR: Today 1 UAE Dirham to Pakistan Rupees On 23 Feb 2020

The Latest AED/PKR exchange rate is 42.2. (Last updated on February 23,...

Saudi riyal to PKR Rates today
23rd Feb, 2020

Today SAR to PKR Rates – 1 Saudi Riyal to Pakistani Rupees On 23 Feb 2020

The Latest SAR/PKR exchange rate is 41.3. (Last updated on February 23,...

Latest News

Waqar Zaka
22nd Feb, 2020

Waqar Zaka’s Take on PSL Opening Ceremony

Pakistan Super League opening ceremony was a bummer. The only thing that...

Trump in India
22nd Feb, 2020

Trump in India – History of US presidential visits

Donald Trump – The President of the United States of America is...

Kamran Akmal
22nd Feb, 2020

PSL 2020: Zalmi star Kamran Akmal hits 1st century of PSL

Kamran Akmal opening Batsmen of Peshawar Zalmi smashed the 1st century of...

22nd Feb, 2020

LABARD Mela – For Special Children at Jilani Park Lahore

LABARD Mela – 2020 held on Saturday at Ghulam Jilani Park that...