KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on May 28, on the back of aggressive buying by local and foreign investors coupled with institutional support.
It was historic week as the Pakistan Stock Exchange witnessed aggressive buying
and recorded highest ever trading volumes of 2,220 million shares on Thursday.
BRIndex100 gained 164.31 points on week-on-week basis to close at 5,118.93 points. Average daily trading volumes stood at 1,138.768 million shares.
BRIndex30 increased by 862.44 points to close at 26,610.83 points with average daily turnover of 887.404 million shares.
KSE-100 index surged by 1,211.31 points on week-on-week basis and crossed 47,000 psychological level to close at 47,126.29 points, the highest level since June 2017.
Trading activities remained extremely high as the market witnessed highest ever volumes of 2.220 billion shares on Thursday while average daily volumes surged by 103.1 percent to highest ever 1,237.47 million shares as compared to previous week’s average of 609.40 million shares. Average daily traded value increased by 31.2 percent to Rs 27.47 billion.
The foreign investors remained net buyers of shares worth $2.1 million during this week together with Broker Proprietary Trading (net buy of $10.8 million) and other organization (net buy of $7.9 million) which was mainly absorbed by Individuals (net sell of $10.2 million) and Mutual Funds (net sell of $7.4 million). Total market capitalization increased by Rs 169 billion to Rs 8.131 trillion.
“Carrying the momentum from last week, the market started the week on an exuberant note on the back of strong economic growth data and the news related to populous budget proposals”, an analyst at AKD Securities said.
The market remained in the green, gaining 1,211 points while KSE-100 closed the week at 47,126pts, up 2.64 percent on week-on-week basis. The market witnessed a surge in trading volumes as highest intraday volumes were witnessed on Thursday with an exchange of 2,220 million shares (up by 42 percent) over the previous day highest intra-day volume.
Apart from this, the weekly trading volume also hit the all-time high of 6,187 million shares with average daily turnover soared to 1237.5 million shares (up 103 percent) on the onset of improved macro-economic fundamentals and considerable decline in Coivd-19 positivity rate which reinvigorated the market sentiment.
Top volume gainers for the week were WTL (2465.6 million), HUMNL (370.04 million) and SILK (244.16 million). Top performers for the week were SYS (up 11.2 percent), NML (up 11.1 percent), PSX (up 10.7 percent), UNITY (up 9.2 percent) and BAHL (up 9.1 percent) whereas laggards were STJT (down 11.7 percent), PAKT (down 6.5 percent), AICL (down 5.0 percent), EPCL (down 4.2 percent) and GHCL (down 3.0 percent).
An analyst at JS Global Capital said that bulls reigned over the KSE-100 index as it comfortably navigated the rollover week with an impressive gain of 1,211 points over the previous week to close at 47,126. Daily traded volume touched an all-time high of 1,563 million shares on Wednesday, only to shatter that record again the very next day with a volume of 2,220 million shares on Thursday. WTL’s contribution to total volumes contributed substantially on both days. As a result, average daily traded volume reported a massive increase of 103 percent to 1,237 million shares while daily traded value averaged $178 million, up 30 percent.
The positive sentiment in the market may have been backed by expectations built around a growth-oriented FY22 federal budget which is scheduled to be announced on June 11th.
Copyright Business Recorder, 2021
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