KARACHI: The Pakistan Stock Exchange Monday recouped some losses and crossed 40,000 mark after adding 265.18 points and reached 40047.13 points level in early trading.
Last week, the market witnessed correction amidst rising tensions between Pakistan and India, which was further exacerbated by margin calls on leveraged positions. Overall, the benchmark, KSE-100 index, ended the week down by 582 points (-1.4 percent WoW) to close at 39,782 points as most retail investors (individuals: net sellers of $11 million during the outgoing week) booked profits post strong rally, especially in third tier stocks. Also, foreigners remained net sellers of around $16 million due to redemptions in frontier market funds and escalating tensions with India.
Of the key sectors, overall buzz remained concentrated in third tier scrips with average volumes and value increasing by 5.3 percent WoW and 25 percent WoW, respectively. Average daily volumes for the outgoing week increased 5 percent WoW to 728 million shares while average daily value rose 18 percent WoW to Rs17 billion/ $158 million during the week.
