The KSE-100 index went slightly down by 68.33 points on Friday, the last day of this week, closing at 39,188.47 points from a new all-time high of 39,257 points on Thursday. Analyst claim the market is down only because of profit taking of shareholders.
In the first trading half, the market touched 39,415.25 points as the investors’ interest was up, but it declined in the second half and closed down by 0.17 per cent.
Volumes fell 18 per cent to 164 million shares and trade value decreased 30.8 per cent to Rs 11.634 billion over the previous day.
Foreigners were net buyers of $21.4 million worth of shares this week. Banks attracted the most interest with net buying of $17.6 million, whereas chemicals had net outflow of $19.3 million.
Automobile sector continued to garner investor interest as Yen extended its loss to take the week-on-week decline to more than 5 per cent, analyst at JS Global said. Top performer of the aforementioned sector was INDU (+4.00 per cent).
Investor interest was seen in the Fertiliser sector as investors anticipate strong fertiliser dispatch number for the month of July on the back of subsidy extended to farmers on urea and DAP, he added. EFERT (+1.06 per cent) and FFBL (+1.20 per cent) were top gainers of the aforementioned sector. Moving forward the analyst maintains bullish stance on the market and recommends investors to accumulate value stocks.
Volatility prevailed in the market as the index traded between an intraday high of +158 points and intraday low of -110 points to finally close at 39,188 level.
The benchmark KSE-100 index continued to post new records throughout the week, closing at 39,188 at the end of an eventful week. A number of positive developments such as drop in cut-off yields in recently held PIBs auction (raising expectations of further policy rate cut), overall bounce back in global equity markets (fading Brexit concerns), imposition of new taxes on the real estate sector (raising expectations of inflows into the equity market) helped propel market to record highs.