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Stocks start week on bullish note after adding 290pts

Stocks start week on bullish note after adding 290pts

KARACHI: Pakistan Stock Exchange started new week on positive note after adding 290 points to reach 39370 level I early trading on Monday.

Last week, the PSX benchmark KSE-100 index fell 2.3 percent or 930points WoW to close above 39k mark, which is lowest weekly closing in 74 weeks.

However, some respite was witnessed during the week when Rupee slipped against USD to Rs107 and triggered some buying in hedge/export sectors like E&Ps, IPPs, textiles & tech.

Stocks including HBL (-4 percent WoW), KAPCO (-14 percent), SNGP (-13 percent), UBL (-4 percent) and PSO (-7 percent) held 404pts from the index, while PPL (+4 percent), NESTLE (+11 percent), PAKT (+6 percent), NATF (+10 percent) and DAWH (+2 percent) added 188pts. On the sector front; Cable & Electrical shed 8 percent, OMCs & Refineries were down 7 percent apiece, while E&Ps gained 1 percent, Tobacco was up 4 percent, and Food surged 7 percent.

Foreigners bought $1.0 million during the week (selling of $39.5 million last week). On the local front, the insurance sector was net buyers of $6.4 million whereas individuals were the net sellers of $9.7 million.