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KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on June 17, 2022 on the back of fresh buying on investor expectations of Pakistan’s exclusion from the grey list of FATF.

The market remained under pressure and closed in deep red with heavy losses on Monday. However, the market witnessed recovery in all remaining four trading session that not only absorbed all losses but also helped the market to close on positive note on week-on-week basis.

The benchmark KSE-100 index increased by 126.03 points on week-on-week basis and closed at 42,140.76 points. Trading activities also improved as average daily volumes on ready counter increased by 2.6 percent to 174.15 million shares as compared to previous week’s average of 169.81 million shares. Average daily traded value on ready counter increased by 18.8 percent and stood at Rs 5.26 billion during this week.

BRIndex100 gained 24.75 points during this week to close at 4,186.04 points with average daily turnover of 153.117 million shares.

BRIndex30 inched up by 93.54 points on week-on-week basis to close at 15,090.47 points with average daily trading volumes of 101.185 million shares.

Total market capitalization declined by Rs 19 billion to Rs 7.002 trillion.

“Announcement of federal budget FY23 saw some sort of stability return to the market after government of Pakistan delivered on many of the IMF’s preconditions”, an analyst at AKD Securities said. The index returned 0.3 percent on WoW however it did recover sharply after shedding 1,135 points (or 3.0 percent) during the first trading session of the week.

The market participation picked up slightly where the average daily turnover increased 2.6 percent on WoW to 174.2 million shares. However, the rupee continued to slide down against US$ to close 208.7/US$, depreciating 3.2 percent on WoW. Consequently the US$ adjusted return for the week stands at negative 2.9 percent. SBP also conducted T-bill auction this week where the central bank raised Rs 800 billion against the target of Rs 750 billion. The participation remained concentrated in 3M paper while the yields, surprisingly declined 30bps and 55bps during 6M and 12M papers and remained flat in 3M papers. Sector-wise, the top performing sectors were Engineering (up 6.0 percent), and OMCs (up 5.0 percent), while the least favourite sectors were vanaspati and allied industries (down 14 percent) and tobacco (down 5.0 percent).

Stock-wise, top performers were MUGHAL (up 10.3 percent), INIL (up 10.0 percent), MLCF (up 8.8 percent), ISL (up 8.2 percent) and SNGP (up 7.6 percent), while laggards were SCBPL (down 24.6 percent), POML (down 18.7 percent), IGIHL (down 6.5 percent), MEBL (down 5.6 percent) and UBL (down 4.8 percent).

Flow-wise, insurance companies remained the net sellers, offloading $5.9 million followed by brokers (negative $4.4 million). While individuals and companies were on the buying side, with a net buy of $16.1 million. Foreigners recorded a net outflow of $1.9 million.

An analyst at JS Global Capital said that Pakistan equities started the week with a sharp decline after news surfaced of a possible revision in budget proposals to address some reservations of the IMF. The market however showed a recovery trend throughout the rest of the week as government took measures to address key IMF concerns regarding revisions in income tax slabs and increased POL prices.

The recovery led the index to close at 42,141, up 0.3 percent on WoW. Banks remained underperformers during the week as the proposed budget imposed several taxes on the sector whereas OMCs came out as the top performer as a result of removal of PDC on petroleum products.

Copyright Business Recorder, 2022

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