Market watch: Bourse ends week on positive note
During the week the average traded volume in bourse stood at 209 mn shares.
KARACHI (Web Desk) - The local bourse ended the week nearly 2.1 percent higher ahead of the US Presidential election outcome.
As per the latest report, Democratic candidate Joe Biden has secured 253 electoral votes, while Donald Trump has won 213 seats so far.
Local equities gained on global cues which favored the democratic candidate, who is currently 17 electorates away from winning the presidency.
Investors’ also cherished ease-down in October CPI number which clocked in at 8.9% YoY as compared to 9% in September. Salman Ahmad, head institutional sales at Aba Ali Habib said that local industries sales data and trade balance numbers also reported favorable trend, signaling economic recovery from pandemic hit.
He said during the outgojng week KSE-100 index witnessed two bullish and thre bearish trading sessions, where it cumulatively gained 843.61 points compared to last week.
During the week the average traded volume in bourse stood at 209 mn shares, while the average value stood at PKR 8.97 billion.
On global front, equity markets went on a wild ride during the election week, rising then falling, climbing again as the vote count for the US presidential elections continues.
On the other hand, European markets remained mixed as more nations announce lockdowns to fight second wave of coronavirus.
Among market participants’ foreigners remained net seller during the week amounting to USD 5.50 million primarily contributed by corporates amounting to USD 6.93 million.
Whereas local investors remained net buyer amounting to USD 5.50mn, mainly contributed individuals (USD 9.29mn), banks (USD 7.43mn) and companies (USD 5.34mn).
Story by: Haris Zamir
