Economy

PSX up 3.6 pc WoW as investor confidence returns

Karachi, August 29, 2020: After a short correction, the KSE100 index of Pakistan Stock Exchange (PSX) was witnessed a rebound this week, posting a gain of 3.6 percent WoW to close at 41,056 levels.

The market received an adrenaline rush after confidence expressed by local and global fund managers over the outlook of the local bourse in electronic media.

Average investor participation for the week however slipped over thin volumes at the last trading day of the week. Traded volumes declined by 0.3 percent WoW, while traded value witnessed a 5 percent WoW drop.

Heavy-weight sectors that led the rally were supported by Power Generation & Distribution (+4.8 percent WoW), Oil & Gas Marketing Companies (+5.0 percent WoW) and  Textiles (Composite, +6.8 percent WoW).

Moreover, the news of allowance from Ministry to increase drug prices also led the Pharmaceutical sector to post 4.7 percent gain this week.

Other key news during the week were (1) public offerings of OGDCL and PPL shares have been approved, (2) Current Account posted US$424 million surplus in July-2020 and (3) Refineries to face penalty for not producing POL products on EURO-V specifications.

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