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KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on June 18, due to selling in various sectors.

BRIndex100 lost 8.91 points on week-on-week basis to close at 5,276.07 points. Average daily volumes stood at 949.040 million shares.

BRIndex30 decreased by 58.88 points to close at 27,524.45 points with average daily turnover of 698.762 million shares.

KSE-100 index closed at 48,238.67 points, down 66.05 points on week-on-week basis. Trading activities remained low as daily volumes on ready counter decreased by 2.7 percent to1,049.41 million shares as compared to previous week’s average of 1,079.07 million shares. Average daily trading value however increased by 6.1 percent to Rs 26.74 billion.

The foreign investors remained net sellers of shares worth $6.764 million during this week. Total market capitalization increased by Rs 36 billion to Rs 8.394 trillion.

An analyst at AKD Securities said the KSE-100 index started the week in full swing with a bullish sentiment where the index gained 421 points on the first day on account of relief announced in FY22 budget which includes a reduction in Capital Gain Tax (CGT) from 15 percent to 12.5 percent. The investor confidence was witnessed the most in refinery sector in the backdrop of new refinery policy, E&P sector on account of Rs 118 billion subsidy allocation and steel sector on the removal of CD, ACD and RD on import of HRC and stainless steel and Rs 900 billion PSDP allocation.

The exultation over the budgetary measures slowed down following the first day where persistent issues drove investors to book profits which includes the FATF meeting scheduled on 21st June where Pakistan’s progress would be considered on implementation of action plans.

Stock wise top performers include ATLH (up 9.7 percent), BYCO (up 8.7 percent), PIBTL (up 7.4 percent), AGP (up 7.2 percent) and OGDC (up 7.1 percent) whereas the laggards were FATIMA (down 8.8 percent), SHFA (down 6.0 percent), HCAR (down 5.5 percent), PTC (down 5.4 percent), and FFBL (down 4.9 percent).

Flow wise, individuals remained the major buyers with a net buy of $21.43 million followed by mutual funds with a net buy of $10.85 million while companies stood on the other side with a net sell of $11.34 million followed by insurance companies with a net sell of $6.65 million.

An analyst at JS Global Capital said that after five consecutive weeks of positive closing, the KSE-100 Index finally took a breather, closing down 0.1 percent on week-on-week basis at 48,238 levels. It appears investors opted to book profits in the rally that followed the announcement of the Federal Budget 2021-22.

Sectors that led the correction were Technology and Communication (down 0.9 percent), Fertilizers (down 1.7 percent) and Automobile Assemblers (down 0.9 percent).

On the other hand, higher international crude oil prices (touching $72.93/bbl) led to the Oil and Gas Exploration Companies gaining 3.4 percent during the week.

Moreover, PSMC (up 2.7 percent) was one of the key performers this week, driven by tax cuts on smaller cars proposed in the Federal Budget FY22. KEL (up 2.6 percent) was another outperformer this week over positive developments on power supply from the Federal government.

Copyright Business Recorder, 2021

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