KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on September 30, 2022 on the back of healthy appreciation in PKR against US$.
The market started the week on positive note as the broader market cheered the much awaited arrival of Ishaq Dar into the policy making of the country, experts said. However, the market witnessed partial correction towards the end of the week and minimized weekly gains.
The benchmark KSE-100 index increased by 508.46 points on week-on-week basis and closed above 40,000 crucial level at 41,128.67 points.
Trading activities also improved as average daily volumes on ready counter increased by 20.1 percent to 199.48 million shares as compared to previous week’s average of 166.12 million shares. Average daily traded value on ready counter increased by 35.2 percent to Rs 8.44 billion against previous week’s average of Rs 6.24 billion.
BRIndex100 gained 56.63 points during this week to close at 4,106.18 points with average daily turnover of 184.927 million shares
BRIndex30 surged by 522.47 points on week-on-week basis to close at 15,580.52 points with average daily trading volumes of 135.476 million shares.
The foreign investors also remained net buyers of shares worth $148,787 during this week. Total market capitalization increased by Rs 93 billion to Rs 6.782 trillion.
“In the outgoing week, the KSE-100 index started the week on a robust note gaining 531 points, up 1.3 percent on Monday as the broader market cheered the much-awaited arrival of Ishaq Dar into the policy-making of the country”, an analyst at AKD Securities said. As Ishaq Dar was sworn in as Finance Minister on 28th October 2022, appreciation of PKR against US$ was quite evident (up 4.9 percent on WoW) which helped the market gain positive momentum in the first three trading sessions of the week.
Moreover, amidst all the chaos gripping the ongoing political turmoil where audio tapes leaked of political dignities couldn’t shatter investors’ confidence during the week. Furthermore, the controversy surrounding allegations against the leading bank in the country also couldn’t able to drag the market down and the benchmark KSE-100 index closed the week on 41,129 points, gaining 1.25 percent on WoW.
Stock-wise, top performers in the KSE-100 were PAKT (up 12.5 percent), PGLC (up 11.9 percent), AGP (up 11.8 percent), PIBTL (up 11.5 percent) and NRL (up 10.6 percent), while laggards were HBL (down 13.9 percent), BNWM (down 7.6 percent), IBFL (down 5.2 percent), HGFA (down 3.8 percent) and ANL (down 3.1 percent).
Flow-wise, Mutual Fund was the largest seller, offloading $7.6 million followed by Insurance Companies (net selling $3.9 million). While Individuals and Other Organizations were on the buying side, with a net buy of $5.5 million and $2.9 million respectively.
An analyst at JS Global Capital said that after a positive start to the week, KSE100 witnessed partial correction towards the end, closing up 508 points (up 1.3 percent on WoW).
Among key performers were Refinery (up 5.9 percent) and Power (up 4.4 percent) sectors, while Banking sector (down 1.3 percent) stood out as the key under performer largely driven by HBL’s decline in stock price. HBL’s negative performance was led by news of terror financing allegations on the bank.
On the news front, Ishaq Dar took over as the Finance and Revenue Minister of Pakistan followed by positive movement in PKR against USD that appreciated by 4.7 percent on WoW.
Copyright Business Recorder, 2022
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