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Stocks start week on positive note

Stocks start week on positive note

KARACHI: The Pakistan Stock Exchange started week on positive note and gained 38 points to reach 45279 points level in early trading.

Last week, the PSX 100-share index continued to remain under pressure as investors waited for clarity on the outcome of JIT investigation. The index was down 3 percent as compared to a decline of 1% seen during the week ending Jun 22 (pre-Eid).

Foreigners remained net sellers of $5.8m during the week as compared to buying of $9.2m last week (week ending June 22). Major buying was seen in cement sector ($5m) whereas selling was seen in oil & gas exploration ($6.2m) & banks ($3.3m). As a result of this unexpected PKR move against US dollar, PAEL plunged 10% in 3 sessions vs KSE 100-index benchmark index decline of 0.3%.