Karachi, May 01, 2020: KSE 100 index gained 3.8 percent on WoW basis, this gain can largely be attributed to E&P sector, as the index heavy weight gained on the back of recovery in international crude oil prices.
Expectation of lower inflation number for the month also kept the investor sentiment upbeat (CPI for April 2020 clocked in at 8.5 percent YoY vs. March 2020 CPI of 10.2 percent YoY).
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Investor participation in the market decreased due to Ramadan, where average traded volume decreased by 40 percent on WoW basis to 178 million shares.
Other major events during the outgoing week were ADB’s decision to provide Pakistan with US$1.7 billion in funding, Finance ministry decision to allocate Rs600 billion for PSDP in FY21, cut in profit rates on saving schemes and reduction in petroleum product prices in the range of 15 percent to 38 percent by the government.
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In the month of April foreigners continued with their net sell as they sold equities worth $69 million, whereas on the local front Mutual Funds, Insurance Sector, Companies and Individuals net purchased equities worth $31.62 million, $20.75 million, $12.36 million and $10.90 million respectively.
Read More: KSE100 index gained 3.8 percent on WoW basis
