KARACHI: The last week’s bearish note started new trading week as the Pakistan Stock Exchange benchmark 100-index Monday shed massive 269.53 points to reach 41021.90 points level in early trading.
Last week, the index ended down 0.4 percent WoW to close at 41,291points. In the mainstream sectors, most of the interest remained tilted towards OMCs (+2.6 percent WoW on account of better than expected 1QFY17 result announcements), textiles (+3.4 percent WoW on rumours of favourable exports package), E&Ps +1.1 percent (on rebounding international oil prices). On the other hand, sectors such as cements (-4.4 percent WoW), and fertilisers (-1.3 percent WoW) witnessed profit taking.
Improvement in activity was observed as both average traded value and volume improved by 6 percent and 17 percent, respectively during the week. Average daily volumes for the outgoing week rose 17 percent WoW to 471 million shares while average daily value rose by 6 percent WoW to Rs15 billion/ $140 million during the week. Food & personal care was the top gainer over the week, up 2.2 percent, followed by oil & gas exploration and banks, which increased 1.1 percent.
