KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on December 31, 2021 on the back of healthy buying by both local and foreign investors.
The benchmark KSE-100 index increased by 477.68 points on week-on-week
basis and closed at 44,596.07 points. Trading activities slightly improved as average volumes on ready counter increased by 1.2 percent to 217.99 million shares as compared to previous week’s average of 215.43 million shares. Average daily traded value on ready counter however declined by 3.1 percent and stood at Rs 7.75 billion.
BRIndex100 gained 36.14 points on week-on-week basis to close at 4,577.34 points with average daily turnover of 182.213 million shares.
BRIndex30 surged by 284.66 points on week-on-week basis to close at 19,376.46 points with average daily trading volumes of 128.856 million shares.
The foreign investors also turned net buyers of shares with an inflow of $8.1 million during this week followed by companies with net inflow of $6.04 million cushioning the sell-off by Banks ($3.28 million), Mutual Funds ($3.1 million) and Other Organizations ($2.46 million). Total market capitalization increased by Rs 125 billion to Rs 7.684 trillion.
In the closing week of CY21, market remained almost flat throughout the week, with the KSE-100 index gaining just 1.08 percent on week-on-week basis to close in at 44,596 points level, an analyst at AKD Securities said. This took the cumulative performance throughout CY21 to 1.92 percent whereas the dollar adjusted return currently stood at negative 8.52 percent.
The performance during the week was dictated by the news-flows related to possible resumption of the dormant IMF program where the major event remained the announcement mini budget in the national assembly as well as the SBP amendment bill, the pre-conditions related to the program.
The supplementary finance bill clearly reflects authorities’ determination to clamp down the imports and promote local manufacturers, targeting to raise Rs 343 billion in the meantime. In the listed space, select auto manufacturers (above 1,000cc) stand out to be the biggest beneficiary along with refineries. In addition to this, the tabled SBP bill has largely catered to IMF recommendations.
Top performers of the market included GATI (up 16.7 percent), SCBPL (up 15.8 percent), MUREB (up 14.2 percent), KTML (up 11.2 percent) and PIOC (up 9.8 percent). Meanwhile laggards included STJT (down 24.8 percent), JLICL (down 8.4 percent), BNWM (down 4.7 percent), ABOT (down 4.5 percent) and SML (down 4.1 percent).
Volume leaders during the week included WTL (76.25 million shares), TRG (71.82 million shares), KEL (59.96 million shares), PRL (41.01 million shares) and TREET (34.5 million shares).
In terms of the top performing sectors, Tobacco was the top performer, returning 10 percent on week-on-week basis, followed by Refineries (up 9.0 percent) and Leather and Tanneries (up 6.0 percent).
An analyst at JS Global Capital said that the week started on a negative note dropping 205 points from last Friday’s close down to 43,913 before recovering throughout the rest of the week. The week closed on a positive note up by 478 points where taxation measures worth Rs 350 billion proposed by the government were announced in the later part of the week.
The measures primarily targeted the pharmaceutical and automobile sector, alongside imports of machinery.
Refineries outperformed the KSE-100 (up by 9.4 percent on week-on-week basis) following the news of development in the approval of the draft policy.
Copyright Business Recorder, 2022
Comments
Comments are closed.