BRIndex30 gained 439.54 points and closed at 22,632.20 points. BRIndex30 weekly volume was 328.746 million shares. Pakistan's benchmark KSE-100 index increased by 194.03 points and closed at 41,401.02 points. Trading activities also improved as average daily volumes on the ready counter increased by 24.7 percent to 135.93 million shares. Average daily trading volumes increased by 33.0 percent to Rs 8.05 billion.
Total market capitalization increased by Rs 50 billion to Rs 8.698 trillion. The investors were net sellers of shares worth $0.3 million during the week. An analyst at AKD Securities said that the baseless trading as a result of uncertain outcomes from political enquiries, HBL's tussle with US regulators and perceived economic weakness, kept the KSE?100 index up marginally (up 0.47 percent on week-on-week basis) to close at 41,401 points. Top performers for the week were ASTL (up 5.42 percent), EFOODS (up 5.40 percent), OGDC (up 4.83 percent), PPL (up 4.62 percent), whereas laggards included HBL (down 9.61 percent), HASCOL (down 7.19 percent), PIOC (down 4.79 percent), CHCC (down 4.68 percent).
An analyst at JS Global Capital said that the settlement reached between the New York State Department of Financial Services and Habib Bank Limited (HBL), where the bank has agreed to pay a fine of $225 million as opposed to initial suggestions of $630 million, somewhat pulled back market sentiments after weak recordings earlier in the week. Key outperformers during the week were E&Ps (up 3.6 percent) as OGRA notified increase in wellhead gas prices; Automobiles (up 1.3 percent) as expectations of PKR devaluation fade away and Pharmaceuticals (up 2.6 percent) on news of government looking to increase medicine prices and DRAP approving vaccine for dengue virus. On the other hand, key laggards were Cements (down 0.3 percent) on concerns over pricing arrangement and Textiles (down 1.2 percent) as hopes for near-term PKR devaluation fizzles out.
Copyright Business Recorder, 2017