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KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on November 11, 2022 due to aggressive buying mainly in banking and oil & gas exploration sectors.

The benchmark KSE-100 index surged by 1,236.64 points on week-on-week basis and crossed 43,000 psychological-level to close at 43,092.95 points.

Trading activities also improved as average daily volumes on ready counter increased by 9.7 percent to 251.07 million shares as compared to previous week’s average of 228.80 million shares while average daily traded value on ready counter increased by 31.1 percent to Rs 7.27 billion against previous week’s Rs 5.55 billion.

BRIndex100 gained 164.28 points during this week to close at 4,335.31 points with average daily turnover of 161.529 million shares.

BRIndex30 increased by 948.47 points on week-on-week basis and crossed 16,000-level to close at 16,363.62 points with average daily trading volumes of 97.978 million shares.

Foreigners remained net sellers of shares worth $4.646 million during this week. Total market capitalization increased by Rs 164 billion during this week to Rs 6.897 trillion.

“As the political noise in the country eased off considerably, the benchmark KSE-100 index posted a robust uptick, gaining 1,237 points during the week to clock in at 43,093 points, up 2.95 percent on WoW)”, an analyst at AKD Securities said.

Sector-wise, top performing sectors were Leasing Companies (up 21.6 percent), Vanaspati and allied (up 9.5 percent), E&Ps (up 6.8 percent), refineries (up 6.0 percent) and technology (up 4.7 percent), while the least favourite sectors were miscellaneous (down 7.8 percent), sugar (down 1.2 percent), textiles (down 1.2 percent), leather and tanneries (down 0.8 percent) and woollen (down 0.6 percent).

Stock-wise, top performers in the KSE-100 PGLC (up 72.6 percent), TRG (up 14.6 percent), FABL (up 13.8 percent), PPL (up 12.9 percent) and BAFL (up 11.1 percent), while laggards were PSEL (down 17.0 percent), SHFA (down 5.2 percent), SCBPL (down 2.6 percent), ILP (down 1.2 percent) and FFBL (down 1.1 percent).

The five volume leaders for the week were WTL (100.5 million shares), HASCOL (83.4 million shares), CNERGY (51.3 million shares), DFML (43.8 million shares) and FFL (42.6 million shares).

Flow-wise, mutual funds and banks were the largest buyers in the market during the week, with net buys of $3.6 million and $3.0 million respectively. While foreigners and insurance companies were major sellers, with the cumulative net sells of $4.646 million and $6.0million respectively. The foreign outflow was largely concentrated in sectors namely Banks ($5.31 million) and technology ($1.05 million).

An analyst at JS Global Capital said that the KSE-100 continued its upward trajectory throughout the week closing in at 43,093 points, up almost 3.0 percent.

Sector wise performance reflected banks (up 3.4 percent) and oil & gas exploration (up 6.8 percent) among the key outperformers whereas food (up 0.3 percent) and chemical (up 0.5 percent) sectors remained primary underperformers during the week.

Copyright Business Recorder, 2022

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