Karachi, July 19, 2020: The KSE100 index of Pakistan Stock Exchange (PSX) continued its bull trend this week, closing up 3.2 percent (WoW) to at 37,331 points levels.
According to JS, concluding this week, the benchmark index has so far gained by 8.5 percent in Jul-2020.
The sanguinity sustained with increasing investor participation as volumes increased by 22 percent WoW and with net buying mainly witnessed by the Individuals (+US$16 million) and Insurance (+US$14 million) segments.
On the other hand, net selling by the Foreign Investors augmented to US$27 million this week, with notable selling in the Oil & Gas Exploration Companies (US$20 million).
Autos (+10.3 percent WoW) and Cements (+6.7 percent WoW) remained among leading sectors in the rally.
In addition, oil discovery in the Tal Block announced this week supported gains in the Oil & Gas Exploration Companies (+3.2 percent WoW).
Other key news during the week were (1) Prime Minister has announced Rs330 billion mortgage financing for construction sector, (2) Banks have been directed to dedicate 5 percent of portfolios to housing and construction of buildings, (3) Remittances hit all-time high of US$23.12 billion in FY20, (4) Auto sector sales post 93 percent sequential recovery in Jun-2020 and (5) Rs400 billion construction projects to be launched by Dec-2020.
