KARACHI: The Pakistan Stock Exchange remained bullish till midday and gained 320.96 points to reach 46905.49 points level on Monday.
Earlier, the stocks started new week keeping previous week’s bullish trend and added huge 319.31 points in early trading to reach 46903.84 points level in early trading.
Last week, the KSE-100 index continued to trend up in spite of unabated foreign selling ($47m sold during the week). Most of the strong rally in the stocks can be attributed to continued interest from Local Mutual Funds as their buying spree continued during this week as well ($29m bought during the week).
KSE-100 index posted an all time high consecutively for the fourth day. Resultantly, the index gained 1,197 points (2.6%) over the week to close at all time high of 46,584 points, breaking the 46,000 barrier today. Average daily volumes for the outgoing week posted a decrease of 9 percent WoW to 358 million shares while average daily value increased 7 percent WoW to Rs20 billion/$190 million over the week.
Top three gainers over the outgoing week were Oil and Gas Exploration Companies, Pharmaceuticals and Power Generation companies, which were up 9.8 percent, 5.1 percent and 3.1 percent, respectively. While top losers were Fertiliser, Cement and Food & Personal Care Products, which declined by 2.5 percent, 1.4 percent and 1.0 percent, respectively.
Foreigners remained net sellers of $46.8 million during the week. Oil & Gas Exploration, Cement and Banking sectors saw major net selling of $20.8 million, $6.3 million and $4.4 million, respectively while buying was seen in Chemicals sector of $1.1 million.
