KARACHI: The Pakistan Stock Exchange Monday became bearish till midday after shedding 14.22 points to reach 41450.09 points level.
Earlier, the stocks opened keeping last week’s bullish note and added 33.54 points to reach 41497.85 level in early trading.
Last week, the profit-taking was witnessed despite positive activities as a result, the index inched up by a nominal 0.6 percent WoW to close at 41,464 points. In the mainstream sectors, interest remained alive in autos (+3.3 percent WoW on increasingly positive sales outlook), banks (+0.9 percent WoW, led mainly by small banks such as BOP, AKBL and FABL), oil & gas (led by strong OMCs numbers and uptick in international crude oil prices), whereas cements (-0.5 percent WoW), gas utilities (-4.3 percent WoW) and telecom (-1.9 percent WoW) witnessed profit taking.
Overall activity also tumbled during the week as average traded value and volume clocked in at $132 million (-19 percent WoW) and 404 million shares/day (-33 percent WoW), respectively. The Benchmark KSE-100 Index touched another all time high, to close at 41,464 level, up 264 points (0.6 percent) WoW.
Average daily volumes for the outgoing week declined 33 percent WoW to 404 million shares while average daily value decreased by 19 percent WoW to Rs14 billion/$132 million during the week.
Foreigners were net buyers of $2.2 million during the week. Banks and Electricity sectors saw net buying of $3.3 million and $3.2 million, respectively, whereas oil & gas exploration and cement sectors saw net selling of $2.9 million and $2.5 million, respectively.
