PAKISTAN STOCK EXCHANGE POSTS NEW ALL-TIME RECORD SURGE; MARKET MAY SEE UNPREDICTABILITY
Pakistan Stock Exchange (PSX) remained top leading stocks in Asia as its benchmark KSE-100 Index has crossed all-time high barrier in the history of Pakistan stocks by closing above 49,000 barriers, which is another all-time and historic mark in the country’s capital market. For the week ahead, instability to remain in the market after some major decisions could be expected like Panama case as well as US President Donald Trump to take charge. These two happenings will keep investors to remain cautious.
The market persists bullish trend throughout the week and closed on Thursday crossing 49,500 psychological level to close at 49, 517,92 points with an increase of 145.42 points but the Index witnessed a brearish trend at the last trading day of the week, decreasing by 266 points to close at 49,210 points. But still the market closed the week on the positive note.
The index saw a bullish trend in the first half of trading session, and shot up by 157 points to 49,673. However, profit-taking observed toward the end of the day by investors who led to a downward trend, with the index losing 306 points to close at 49,210 points on Friday.
Overall, 514,224,640 shares were traded during market hours, with talks of institutional sell off weighing down on sentiment.
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Banks remained the biggest contributors to overall decline with expectations of delayed interest rate hike taming sentiment. Cements remained under pressure. Growth in LSM numbers led the initial frenzy, but later on succumbed to broader sell-off.
During the week 430 companies were traded. Of these 218 were gainers and 198 were losers and 14 remained unchanged. Foreigners were net seller by $46.54 million while companies were net buyers $13.47m, Banks were seller $26.89m; Mutual fund net buyer $20.54m and individuals net buyer $17.76 m.
Volume leaders during the week were: K-Electric 95m; TRG Pak. Ltd 93m; Asgard Nine 77m; Pervez Ahmed 59 m; Ist Dawood Bank 51m ; Pace Pak. Ltd 44m; Pace Pak Ltd 44m; Engro Fertilizer 36m; Dost Steel Mills Ltd 34m; FDIBL 29m; SSGC 24m; Bank of Punjab 22m; Lotte Chemical 20m; Japan Power & Engro Polymer 16 m each.