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KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on July 16, on the back of fresh buying by both local and foreign investors.

BRIndex100 gained 38.63 points on week-on-week basis to close at 5,221.35 points. Average daily trading volumes stood at 402.539 million shares.

BRIndex30 increased by 116.46 points during this week to close at 26,961.10 points with average daily turnover of 234.783 million shares.

KSE-100 index surged by 270.88 points on week-on-week basis and closed at 47,834.33 points. Trading activities remained slightly low as average daily volumes on ready counter decreased by 3.9 percent to 466.99 million shares as compared to previous week’s average of 485.86 million shares. Average daily traded value declined by 9.4 percent to Rs 15.34 billion.

Total market capitalization increased by Rs 32 billion to Rs 8.347 trillion.

An analyst at AKD Securities said that the KSE-100 closed flat in the outgoing week at 47,834 points, up 0.6 percent on week-on-week basis, as investors preferred to remain on sidelines eyeing Eid holidays next week – high-low spread diminished to 0.5 percent versus 1.0 percent in the previous week with average volumes contracting 4.0 percent on WoW to stand at 467 million shares, while major activity continued to be in the main boards (KSE-100/KSE-All volume standing at 0.3x versus 0.4x average CYTD).

Similar muted performance was recorded across all sectors with exceptions being Modarabas (up 57.3 percent) and Textile Weaving (up 9.1 percent).

Flow wise, foreigners turned net buyers during the week with a net inflow of $4.6 million, mainly in Cements, Techs, and E&Ps ($1.3 million each). On the local side, Insurance and Banks turned out to be the net buyers with $12.7 million and $1.7 million, respectively while Individuals and Brokers squared their positions indicated by net sell of $10.0 million and $6.3 million, respectively.

Top performers during the week were GADT (up 23.9 percent), STJT (up 23.8 percent), PSX (up 13.6 percent), SYS (up 7.3 percent) and GATM (up 6.0 percent), while laggards were HASCOL (down 5.0 percent), SCBPL (down 3.9 percent), GATI (down 3.5 percent), PMPK (down 3.2 percent) and NESTLE (down 3.1 percent).

An analyst at JS Global Capital said lackluster performance continued on the PSX as the KSE-100 index closed the week at 47,834 levels, managing to post a slight gain of 271 points over last week’s closing.

Dark clouds continued to loom on the horizon in the form of a bullish international oil prices. Some of these clouds have already started to rain down as is visible in the latest Petrol prices which have touched an all-time high despite zero PDL and reduced GST. Furthermore, the stark increase in Covid19 infections was another dampener, particularly considering the emergence of the Delta variant in Pakistan.

On the regional front, the conflict in Afghanistan continues to be a major concern. However, some positive developments did surface on the economy front such as a 14.57 percent growth in Large Scale Manufacturing during 11 months of FY21 and a record high of $29.4 billion received as workers’ remittances during FY21. Moreover, with receipt of the recent $1.0 billion Eurobond, foreign reserves with the SBP reached the highest level of $18.2 billion since January 2017.

Copyright Business Recorder, 2021

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