KSE-100 INDEX GAINS 567 POINTS; PSX TO BE ACCORDED STATUS OF EMERGING MARKET THIS WEEK
KSE-100 Index kept on its upward movement with an impressive gain of over 567 points to close in green at 49, 851 levels on the last trading session of the week.
Although the Index had crossed over 50,000 levels in the psychological barrier during first half of the trading session, yet the Index subsided due to selling pressure at the close of the market, however, the market sentiment remain bullish.
In fact the Pakistan Stock Exchange is well poised to upgrade its status from frontier to emerging market as the decision in this respect is due sometimes this week, which is likely to attract global investors and broaden the market base of Pakistan Stock Exchange.
Actually the Index started off on a bearish note shedding 1.4% in the first two days. However, the feel good factor returned in the final two trading sessions where the market gained 2.6% to close at 49,851 points level and returned 1.12%WoW on the closing basis.
Foreigners remained net sellers in the week with a net FIPI outflow of USD19.2mn. The foreign selling was largely absorbed by local individuals who reported a total buy of USD27.8mn.
Trading activity, however, remained lackluster with average volume traded decreased by 26.4%WoW while average value traded also decreased by 19.9%WoW. The noticeable stocks of Faysal Bank, Feroze1888, Ghani Glass, Crescent Steel and Nishat (Chunian) Limited were the major gainers while Standard Chartered Bank, Indus Dyeing, Pakistan Tobacco Company, Hum Network Limited, and Pioneer Cement. were the major losers in the benchmark KSE-100 this week.
Meanwhile the international oil prices continued to fall for the eighth straight session on Friday, with the WTI grade hitting an intraday low of $43.74/bbl as growing concerns about global oversupply erased the price gains.