Economy

KSE100 index up 3.2 pc WoW

KARACHI, July 12, 2020: The KSE100 index of Pakistan Stock Exchange (PSX) continued previous week’s gains, closing this week 3.2 percent WoW up at 36,190 levels.

Decline in active COVID-19 cases and materialization of inflows from International Financial Institutions in the country kept investor sentiments upbeat, which also reflected in improving participation.

According to JS, The week witnessed 39 percent WoW higher volumes, where one single trading session marked almost six-month high volume at 467mn shares.

Autos (+8.8% WoW), Banks (+6.6% WoW) and Oil & Gas Marketing Companies (+4.4% WoW) were among the market mover sectors during the week.

Moreover, Cements (+4.4% WoW) continued to grab attention over double-digit growth in dispatches for the month of Jun-2020. Buying at the local bourse was led by Insurance Companies (net buying: US$4.6mn) and Mutual Funds (net buying: US$2.4mn), while Foreigners remain the major sellers (net selling: US$9.5mn).

Other key news during the week were (1) World Bank to lend US$200mn for Pakistan’s locust control, (2) K-Electric (KEL) to get more supply from national grid to control ongoing load-shedding, (3) SBP further reduces refinance schemes’ markup rate to 5% and (4) Pakistan, China border may be opened from 15th July.

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