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KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on April 09, on the back of healthy buying by local investors coupled with institutional support.

BRIndex-100 gained 129 points on week-on-week basis to close at 4,855.94 points. Average daily volumes stood at 367.003 million shares.

BRIndex30 increased by 1298.21 points to close at 25,677.48 points with average daily turnover of 240.928 million shares.

KSE-100 index surged by 855.53 points on week-on-week basis and crossed 45,000 level to close at 45,186.48 points. Trading activities also improved as average daily volumes on ready counter increased by 8.6 percent to 410.09 million shares as compared to previous week’s average of 377.45 million shares. Average daily trading value however decreased by 8.7 percent to Rs 18.63 billion.

The foreign investors accelerated their selling spree, squaring-off positions worth $9.5 million while it was absorbed by participants across the board primarily by Banks and companies with net inflow of $3.1 million and $2.5 million, respectively. Total market capitalization increased by Rs 92 billion to Rs 7.926 trillion.

“Continuing with the previous week’s corrective mode over concerns on rising Covid-19 cases in the country, market was down 752.7 points or 1.7 percent on the first day of the week before giving a sharp recovery in the remaining days to close at 45,186 points, up 2.0 percent on week-on-week basis”, an analyst at AKD Securities said.

Stronger growth forecasts by IMF (FY22: 4.0 percent), and lower than expected inflation reading in March’21 (9.05 percent compared to 9.5 percent market consensus) acted as a catalyst to change investor sentiments followed by $2.5 billion inflows from Eurobond.

Stock wise, top performers include TRG (up 17.2 percent), INIL (up 10.4 percent), PIOC (up 10.4 percent), PAEL (up 10.3 percent) and KTML (up 10.1 percent) whereas laggards were INDU (down 4.6 percent), PSMC (down 3.0 percent), IGIHL (down 2.9 percent), OGDC (down 2.3 percent) and PKGS (down 2.1 percent).

An analyst at JS Global Capital said in a week that can only be described as a rollercoaster ride for the market, the KSE-100 managed to recover after a couple of sharp dips to close at 45,186, up 885 points.

News during the week was dominated by IMF, mainly the $500 million received in lieu of the third tranche of the Extended Fund Facility. On the other hand, there was a flurry of adverse news as well regarding the new benchmarks of the IMF package and upwards revision of inflation estimates by the lender for Pakistan in its forecasts shared in the World Economic Outlook (WEO) document. On the political front, things remained on the mellow side, with conciliatory tones being used by certain corners towards the opposition. Moreover, the announcement of receipt of US$2.5bn by the SBP in lieu of Eurobond issuance provided markets a reason to cheer towards the end of the week. However, the third wave of spike in coronavirus infections continued, which could keep the index in check during the near term. Cements (5.5 percent) remained among the top performers, given recent dispatches data showing robust growth.

Copyright Business Recorder, 2021

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