KARACHI: The Pakistan Stock Exchange Monday recouped some losses of last week and open bullish after gaining 111 points to reach 46745 points level in early trading.
Last week, he benchmark KSE-100 index ended flat on a WoW basis at 46,634pts as foreign investors continued to offload positions at high levels. Most of the profit taking remained concentrated in heavyweight oil & gas (down 1.3 percent) and cement sectors (down 1.5 percent WoW) given strong performance in the last few weeks.
Apart from this, key highlights during the week were recommendation by OGRA to increase petroleum product prices by up to Rs3.5/litre, release of C/A deficit numbers (up by 91 percent) YoY to $839 million during 5MFY17) and uptick in textile exports (+9.71 percent YoY to $1,762 million in Nov-216).
The consolidation was seen at the local bourse during the week with the benchmark closing down 0.6 percent WoW to close at 46,634 level. Investor interest continued in small cap stocks as evident from 6 percent WoW decline in average daily turnover (ADT) against a 13 percent WoW decline in average daily traded value (ADTV).
Selling from foreigners continued with net FIPI outflow of $45.6 million in the outgoing week with a total outflow of $126.6 million in the month of Dec’16. Major outflow was seen in banks ($18.6 million). All other sectors ($10.6 million) and Cements ($5.9 million).
The outgoing week ended with a major development in Pakistan’s equity market as a consortium of three major Chinese Stock Exchanges (China Financial Futures Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange) winning the bid to acquire 40 percent stake in the PSX at a price of $212 million.
