KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on Jan 29, on the back of healthy buying mainly by local investors and institutions.
BRIndex-100 gained 126.07 points on week-on-week basis to close at 4,973.94 points. Average daily trading volumes stood at 622.926 million shares.
BRIndex-30 increased by 1,203.25 points during this week to close at 25,905.41 points with average daily turnover of 488.129 million shares.
KSE-100 index surged by 517.50 points on week-on-week basis and closed at 46,385.54 points. Trading activities also improved as average daily volumes on ready counter increased by 32.1 percent to 673.71 million shares as compared to previous week’s average of 509.81 million shares. Average daily trading value increased by 43.6 percent to Rs 27.13 billion.
The foreign investors however remained on the selling side and withdrew $9.14 million from Pakistan capital market during this week together with Banks (net sell of $3.49 million) which was mainly absorbed by companies (net buy of $8.09 million) and individuals (net buy of $8.66 million). Total market capitalization increased by Rs 83 billion to Rs 8.398 trillion.
An analyst at AKD Securities said that the KSE-100 gained 1.13 percent on week-on-week basis on the back of earning season commencing in full swing with major stocks reporting beats to expectations, aiding momentum throughout the week and closed on 46,386 points.
Amongst major sectors, Refinery led the pack with a gain of (up 10.8 percent) followed by Vanaspati and Allied industries (up 10.0 percent), Technology (up 8.3 percent) and Cement (up 6.4 percent).
Top performers during the week were TRG (up 19.0 percent), FCCL (up 16.0 percent), CHCC (up 15.3 percent), ANL (up 14.7 percent) and AGP (up 14.4 percent) whereas laggards were, APL (down 9.5 percent), HMB (down 6.8 percent), STLJ (down 6.5 percent) and JLICL (down 5.8 percent).
An analyst at JS Global Capital said that the KSE 100 index closed the rollover week with a gain of at 1.1 percent at 46,385 levels. Once again, sideboard sectors kept the market afloat while index heavyweights underperformed the benchmark.
Copyright Business Recorder, 2021
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