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KARACHI: Pakistan Stock Exchange witnessed bearish trend during the outgoing week ended on September 23, 2022 due to economic and political concerns compounded by the impact assessment of floods.

The benchmark KSE-100 index plunged by 1,059.28 points on week-on-week basis and closed at 40,620.21 points. Trading activities also remained low as average daily volumes on ready counter decreased by 9.3 percent to 166.12 million shares during this week as compared to previous week’s average of 183.17 million shares while average daily traded value on ready counter declined by 11.5 percent to Rs 6.24 billion against previous week’s Rs 7.05 billion.

BRIndex100 decreased by 129.48 points during this week to close at 4,049.55 points with average daily turnover of 146.301 million shares.

BRIndex30 declined by 520.06 points on week-on-week basis to close at 15,058.05 points with average daily trading volumes of 113.748 million shares.

The foreign investors remained net buyers of shares worth $5.09 million during this week as compared to a net buy of $13.8million last week. Major buying was witnessed in technology ($6.6 million), E&P ($0.5 million), cement ($0.5 million) and OGMCs ($0.3 million). On the local front, selling was reported by Insurance ($3.3 million) followed by Mutual Funds ($2.4 million). Total market capitalization declined by Rs 165 billion during this week to Rs 6.689 trillion.

An analyst at JS Global Capital said that the KSE-100 index witnessed a downward trend throughout the week amid economic and political concerns compounded by the ongoing impact assessment of floods. Key underperformers were E&P (down 6.3 percent), Refinery (down 5.9 percent) and Power (down 5.5 percent).

An analyst at Arif Habib Limited said that the market opened on positive note this week given Saudi Fund of $3.0 billion was rolled over till next year while IMF assured support for flood relief and reconstruction. However, the momentum could not sustain owed to bleeding SBP foreign reserves (falling by $278million), which led the Pak Rupee to further depreciate against greenback (closing at 239.65 towards end of the week).

In addition to this, the FDI during the 2MFY23 plummeted by 26 percent on YoY. Furthermore, the LSM output reported a 1.4 percent on YoY and 16.5 percent on MoM fall in July 2022.

Meanwhile, the investors opted for value buying amid the expectation of receiving $1.5 billion, $0.5 billion and $0.2 billion from ADB, Asian Infrastructure Investment Bank, and the Japanese Government, respectively. Moreover, the World Bank is also expected to give flood-related support of $1.7 billion.

Sector-wise negative contributions came from E&P (down 251points), Banks (down 246 points), Cement (down 123points), Power (down 74points) and OMCs (down 73 points). Whereas, sectors which contributed positively were tobacco (up 15 points), and automobile parts (up 2 points).

Scrip-wise negative contributors were PPL (down 117 points), OGDC (down 84 points), LUCK (down 83 points), MEBL (down 66 points) and HMB (down 51 points). Meanwhile, scrip-wise positive contribution came from TRG (up 21 points), PAKT (up 15 points), UNITY (up 8 points), FFC (up 6 points) and IBFL (up 4 points).

Copyright Business Recorder, 2022

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