KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on January 14, 2022 on the back of healthy buying mainly in banking, chemical and refineries sectors.
The benchmark KSE-100 index increased by 417.80 points or 0.9 percent on week-on-week and closed at 45,763.45 points. Trading
activities also improved as average daily volumes on ready counter increased by 11.8 percent to 355.61 million shares as compared to previous week’s average of 318.15 million shares. Average daily traded value on the ready counter however declined by 11.7 percent and stood at Rs 8.96 billion.
BRIndex100 gained 56.52 points on wee-on-week basis to close at 4,718.34 points with average daily turnover of 276.857 million shares.
BRIndex30 closed at 19,263.69 points, down 6.57 points with average daily trading volumes of 206.829 million shares.
The foreign investors remained net buyers of shares worth $526,194 million while on the local side, Mutual Funds stood on the selling side with a net sell of $9.95 million followed by Companies with a net sell of $2.46 million whereas banks turned out to be on the other side of the spectrum with a net buy of $6.84 million. Total market capitalization increased by Rs 74 billion during this week to Rs 7.846 trillion.
An analyst at AKD Securities said that the market started off the week on a good note with KSE-100 increasing by 1.2 percent in first trading session of the week where banks led the rally as investors factored in prospects of improvement in profitability on the back increasing interest rates. To note, banking sector remained among top performers during the outgoing week and increased by 2.5 percent on the back of aforementioned reason.
However in later sessions, profit taking was witnessed as market hovered around the 46,000 level while some jitteriness was also witnessed on the back of increasing international oil prices and Pakistan requesting IMF to shift board meeting for approval towards tail end of January 2022.
Sector-wise, within major sectors, Textile Composite recorded a gain of 4.4 percent, followed by Chemical (up 4.2 percent) while Cement was down 0.9 percent.
Stock wise, major gainers include FABL (up 10.5 percent), HASCOL (up 9.7 percent), COLG (up 9.6 percent), NCL (up 7.9 percent) and PTC (up 7.6 percent), while top laggards were STJT (down 13.9 percent), GATI (down 9.2 percent), PAKT (down 6.6 percent), SFL (down 6.1 percent) and AGIL (down 5.0 percent).
An analyst at JS Global Capital said that the market started the week on a positive note which sustained through most of the week, closing the week at 45,763 points, up 0.9 percent on week-on-week basis.
Sector wise, Banks were up by 2.5 percent, where among other key performers were the Chemical (up by 4.2 percent) and Refineries (up by 3.2 percent) sectors.
The investor participation during the week increased by 11.8 percent to 356 million shares in terms of volume while a decrease of 11.6 percent was witnessed in the average daily traded value.
Foreign investors remained net buyers again, which accumulated to $0.53 million. Interest was concentrated in the Technology sector ($0.5 million), followed by the Power Generation ($0.4 million) sector.
Copyright Business Recorder, 2022
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