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KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing three-day week ended on August 12, 2022 on the back of continued appreciation of Pak Rupee against the US$, decline in Pakistan International Bond yields and positive development on the IMF front.

The benchmark KSE-100 index surged by 761.33 points on week-on-week basis and closed at 42,857.57 points.

Trading activities also improved as average daily volumes on ready counter increased by 27.7 percent to 342.92 million shares as compared to previous week’s average of 268.61 million shares while average daily traded value on ready counter increased by 33.2 percent to Rs 10.55 billion against previous week’s Rs 7.92 billion.

BRIndex100 gained 93.44 points during this week to close at 4,276.47 points with average daily turnover of 315.928 million shares.

BRIndex30 increased by 361.97 points on week-on-week basis to close at 15,794.67 points with average daily trading volumes of 222.757 million shares.

KSE-100 posts 614-point gain, edges close to 42,900

Total market capitalization increased by Rs 126 billion or 1.8 percent during this week to Rs 7.173 trillion.

“Continued appreciation of Pak Rupee against the US$, decline in Pakistan International Bond yields, and positive development on the IMF front led the market rally this week”, an analyst at JS Global Capital said.

Key out performers were refinery (up 5.5 percent), power (up 5.1 percent) and oil & gas exploration (up 4.1 percent) during this week.

The week started with the announcement of $1.0 billion investment by UAE in Pakistan. Moreover, the country got one step closer to reviving the stalled IMF program as Letter of Intent (LOI) was received. These positive developments led to further Rupee appreciation of 4.1 percent against US$, fueling positive investor sentiment.

An analyst at Arif Habib Limited said that the three-day week commenced on a positive note amid optimism over the disbursement of IMF loan in the coming weeks, which will further bring in loans and investments from friendly countries and international financial institutions.

Furthermore, Pak Rupee strengthened again this week against the greenback, appreciating by PKR 8.55/ USD (up 3.82 percent) on WoW to close at Rs 215.49.

Moreover, investor confidence further improved after Pakistan received letter of intent from IMF (which indicates disbursement of a $1.7billion tranche for the combined seventh and eighth review).

Sector-wise positive contributions came from banks (up 224points), E&Ps (up 205points), Power (up 84points), Automobile assembler (up 55points) and OMCs (up 53points). Whereas, sectors which contributed negatively were Cement (down 23points) and tobacco (down 15points).

Scrip-wise positive contributors were OGDC (up 79points), PPL (up 69points), MEBL (up 67points), POL (up 56points) and HUBC (up 52points).

Meanwhile, scrip-wise negative contribution came from PSEL (down 63points), NESTLE (down 17points), EPCL (down 16points) and PAKT (down 15points).

Foreigners selling continued this week, clocking in at $0.9million compared to a net sell of $0.7million last week. Major selling was witnessed in banks ($1.6million) and cement ($1.3million). On the local front, buying was reported by Individuals ($5.1million) followed by Other Organizations ($0.4million).

Copyright Business Recorder, 2022

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