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KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on March 26, on the back of healthy buying mainly by local investors.

BRIndex100 gained 73.75 points on week-on-week basis to close at 4,908.84 points. Average daily trading volumes stood at 440.771 million shares.

BRIndex30 surged by 1,171.94 points to close at 26,132.48 points with average daily turnover of 346.069 million shares.

KSE-100 index increased by 620.32 points on week-on-week basis and closed at 45,521.63 points. Trading activities however remained low as average daily volumes on ready counter decreased by 4.2 percent to 462.57 million shares as compared to previous week’s average of 482.62 million shares. Average daily trading value however increased by 9.9 percent to Rs 24.68 billion.

The foreign investors remained net sellers of shares worth $0.12 million during this week together with Banks/DFI (net sell of $2.96 million) and Companies (net sell of $1.98 million) which was mainly absorbed by Broker Proprietary Trading (net buy of $3.69 million) and Mutual Funds (net buy of $1.65 million). Total market capitalization increased by Rs 89 billion to Rs 8.036 trillion.

An analyst at AKD Securities said that the market had a strong start to the week with the KSE-100 index gaining 506 points on Monday and maintained the momentum in the next two trading sessions by gaining 137/182 points before closing on Friday at 45,522 points with an increase of 1.38 percent on week-on-week basis.

SBP retaining policy rate at 7 percent and revising its growth forecast upward for FY21 to 3 percent, contraction in current account deficit by 75 percent MoM, IMF third loan tranche approval of $500 million, important development in India and Pakistan bilateral relations providing political stability in the country and fears over countrywide lockdown expertly downplayed by NCOC by keeping only hotshot places in the lockdown were key triggers that drove the market throughout the week but month-end phenomena kept the market gains in check.

Top volume gainers for the week were BYCO (219.8 million shares), TRG (160.3 million shares) and PTC (139.5 million shares).

Top performers for the week were ATRL (up 25.1 percent), PTC (up 20.5 percent), TRG (up 18.2 percent), ANL (up 15.4 percent) and STJT (up 14.5 percent) whereas laggards were PMPK (down 9.1 percent), EFUG (down 7.4 percent), SYS (down 6.7 percent), ILP (down 5.0 percent) and JDWS (down 4.7 percent).

An analyst at JS Global Capital said that the KSE-100 index gained 620 points in the short rollover week as it closed at 45,521 levels.

In what can be considered a major development, the executive board of the IMF officially resumed the Extended Fund Facility as it approved a $500 million tranche for Pakistan. In order to resume the program, the government has had to take come difficult decisions including, but not limited to, revoking a number of tax exemptions allowed to the corporate sector.

Copyright Business Recorder, 2021

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