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KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on February 18, 2022 due to selling in almost all sectors on investor concerns over increasing oil prices in the international market and prevailing geo-political situation. The benchmark KSE-100 index declined by 403.50 points on week-on-week basis and closed at 45,675.87 points.

Trading activities remained thin as average daily volumes on ready counter decreased by 8.0 percent to 190.92 million shares as compared to previous week’s average of 207.44 million shares while average daily traded value on ready counter declined by 35.6 percent to Rs 5.19 billion. BRIndex100 lost 45.25 points to close at 4,667.12 points with average daily turnover of 170.209 million shares.

BRIndex30 decreased by 293.43 points on week-on-week basis to close at 17,799.59 points with average daily trading volumes of 130.947 million shares.

The foreign investors continue their selling spree, offloading $2.0 million during this week, and were joined by Mutual Funds (net sell: $5.4 million), and Brokers (net sell: $1.0 million). The opposite side is composed mainly of Banks (net buy: $4.9 million) and Individuals (net buy: $2.5 million). Total market capitalization declined by Rs 79 billion during this week and stood at Rs 7.796 trillion.

“Another dull week passes by at the equity bourse amid heightened global commodity prices (due to geopolitical tensions on the back of Russian advancement near Ukrainian border) and tensions in the political landscape”, an analyst at AKD Securities said.

Sector-wise, muted performance was witnessed across major sectors while overall, the major change was witnessed in Textile Spinning (down 7.0 percent), Engineering (down 3.5 percent) and Refineries (down 3.3 percent).

Stock wise, top performers were SNGP (up 10.0 percent), SML (up 6.5 percent), IBFL (up 5.9 percent), EFERT (up 4.6 percent) and OLPL (up 3.1 percent), while laggards were AKBL (down 11.6 percent), MUGHAL (down 7.0 percent), PAKT (down 6.5 percent), PSX (down 6.2 percent) and NRL (down 5.8 percent).

Volume leaders for the week were WTL (164.3 million shares) as ARY opted out to purchase stake in the company, BOP (81.3 million shares), KEL (70.4 million shares), TELE (45.7 million shares) and HUMNL (37.6 million shares).

An analyst at JS Global Capital said that the KSE-100 index lost 404 points during the week as it closed at 45,676. Foreign investors remained net sellers which accumulated to $2.0 million this week. Largest selling was witnessed in the Technology Sector ($1.5 million) followed by the Banking Sector ($0.5 million) and the Fertilizer Sector ($0.4 million).

Major reason for the negative momentum this week was higher oil prices triggered by the Ukraine-Russia conflict. The government also increased petrol prices by Rs12.03/litre during the week which also included impact of increased petroleum levy (Rs4/liter).

Copyright Business Recorder, 2022

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