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KARACHI: Pakistan Stock Exchange witnessed range bound activity however closed positive and partially recovered its losses during the outgoing week ended on June 10, 2022.

The benchmark KSE-100 index increased by 699.85 points on week-on-week basis and crossed 42,000 psychological-level to close at 42,014.73 points. Trading activities however remained thin as investors remained on the sideline before announced of Federal Budget. Average daily trading volumes on ready counter decreased by 19.1 percent to 169.81 million shares as compared to previous week’s average of 209.92 million shares while average daily traded value on the ready counter declined by 26.5 percent to Rs 4.43 billion.

BRIndex100 gained 90.92 points during this week to close at 4,161.29 points with average daily turnover of 144.002 million shares.

BRIndex30 surged by 460.43 points on week-on-week basis to close at 14,996.93 points with average daily trading volumes of 102.858 million shares.

The foreign investors however remained on the selling side and withdrew $7.022 million from Pakistan capital market during this week. Total market capitalization increased by Rs 90 billion to Rs 7.021 trillion.

An analyst at JS Global Capital said that Pakistan equities closed the week on a positive note at 42,015, up by 1.7 percent on week-on-week basis. The market remained range bound as the investors focused on the Federal Budget for FY23, announced on 10th June 2022.

The key challenge appears to be the need to tighten the fiscal situation, where recent interviews of officials and other media prints suggest that in addition to containing expense and subsidies, higher revenue collection will be a key theme.

Oil and Gas sector was among key outperformers this week followed by Cements and Chemical sectors while underperformers included Banks over anticipation of taxes in the Federal Budget.

An analyst at Topline Securities said that the KSE-100 Index gained by 1.7 percent on WoW basis and this gain can be attributed to government’s resolve to take reform measures (imposition of new taxes and cut down in subsidies and taxes) in FY23 budget, which investors’ expect will pave the for IMF program, where progress on staff level agreement is expected by next week.

Investors preferred to remain on the sidelines before FY23 budget announcement as during the week average daily traded volume and value declined by 19 percent and 27 percent to 169.8 million shares and Rs 4.4 billion respectively.

Copyright Business Recorder, 2022

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