Stocks bounce back after bearish week
Business
PSX remained under severe pressure during last week due to year-end profit taking
KARACHI (Dunya News) – After a week of topsy-turvy ride, the Pakistan Stock Exchange (PSX) once again started to witness upward mobility as it gained more than 3,000 points in the opening hours of the week’s trade, hovering at 112,634 points against previous close of 109,513 points.
As time passed by, the trade gained momentum and KSE-100 index surpassed 114,000 mark after gaining 4,500 points. It was a day full of economic gains and the stocks eventually closed at 11,392 points courtesy 4,411 points.
The PSX remained under severe pressure during the last week ending on Dec 20 due to increased selling mainly by mutual funds and year-end profit taking by institutions.
Overall trading activities also remained low as average daily volumes on ready counter decreased by 15.5 percent to 1,151.57 million shares during this week compared to previous week’s average of 1,362.86 million shares while average daily traded value on the ready counter declined by 5.7 percent to Rs 57.16 billion during last week.
Meanwhile, the BRIndex100 decreased by 375.87 points during last week to close at 11,726.51 points with average daily turnover of 994.642 million shares.
On the other hand, the foreign investors also remained on the selling side and withdrew $11.583 million from the local equity market as total market capitalization declined by Rs629 billion during last week to hover at Rs13.958 trillion.
