KARACHI: Pakistan Stock Exchange witnessed bullish trend and hit new highest ever level during the outgoing week ended on July 05, 2024 on the back of aggressive buying by both local and foreign investors coupled with institutional support.
The benchmark KSE-100 index surged by 1,767.83 points on week-on-week basis and crossed 80,000 psychological level to close at 80,212.79 points.
Trading activities also improved as average daily volumes on ready counter increased by 23.8 percent to 440.31 million shares during this week as compared to previous week’s average of 355.67 million shares while average daily traded value on the ready counter increased by 31.3 percent to Rs 18.28 billion during this week against previous week’s Rs 13.92 billion.
BRIndex100 soared by 213.99 points during this week to close at 8,495.60 points with average daily turnover of 349.401 million shares.
BRIndex30 increased by 699.97 points on week-on-week basis to close at 27,201.93 points with average daily trading volumes of 207.388 million shares.
Total market capitalization increased by Rs 220 billion or 2.1 percent to Rs 10.594 trillion.
An analyst at AKD Securities said that bullish momentum persisted through the first four days of the week, as the KSE-100 index reached its highest-ever closing of 80,283 points on Thursday. Overall, the benchmark index closed at 80,213 points on Friday, with a gain of 1,767points, up 2.25 percent WoW.
Sector-wise, inv. banks / inv. cos./ securities cos, leasing companies, exchange traded fund, jute and commercial banks were amongst the top performers, up 16.9 percent/11.8 percent/11.7 percent/11.6 percent/6.1 percent WoW, respectively. On the other hand, synthetic & rayon, woollen, close – end mutual fund, tobacco, and textile composite were amongst the worst performers, down 7.2 percent/2.9 percent/2.6 percent/2.3 percent/1.8 percent WoW, respectively.
Flow wise, major net selling was recorded by mutual funds with a net sell of $13.65 million. On the other hand, Foreigners absorbed most of the selling with a net buy of $7.69million.
Company-wise, top performers during the week were AKBL (up 29.2 percent), NBP (up 26.3 percent), PSX (up 23.5 percent), BOP (up 17.0 percent) and PGLC (up 15.9 percent), while top laggards were IBFL (down 10.2 percent), THALL (down 6.9 percent),PAKT (down 5.3 percent), HGFA (down 5.0 percent) and FCEPL (down 3.6 percent).
An analyst at JS Global Capital said that the KSE-100 Index hit another milestone of 80,000 this week, reporting a weekly gain of 2.3 percent.
KSE-100 market capitalization was up 2 percent WoW. Foreigners bought $7.7million worth of equities during the week while Mutual Funds were net sellers of $13.6 million.
Copyright Business Recorder, 2024
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