Pakistan Stock Exchange witnesses mixed trend

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.