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KARACHI: Pakistan Stock Exchange (PSX) witnessed mixed trend during the outgoing week ended on November 25, 2022 as the investors remained cautious and avoided to take fresh positions.

However, the market closed on slight positive note on week-on-week basis on the back of fresh buying mainly in Tech and Auto sector stocks.

The benchmark KSE-100 index increased by 206.49 points on week-on-week basis and closed at 42,936.73 points.

Trading activities however remained low as average daily volumes on ready counter decreased by 14.3 percent to 159.58 million shares as compared to previous week’s average of 186.28 million shares while average daily traded value on ready counter declined by 9.2 percent to Rs 5.68 billion.

BRIndex100 gained 21.93 points during this week to close at 4,324.62 points with average daily turnover of 128.929 million shares.

BRIndex30 inched up by 145.02 points on week-on-week basis to close at 16,260.14 points with average daily trading volumes of 91.164 million shares.

The foreign investors also remained net buyers of shares worth $1.108 million during this week. Total market capitalization increased by Rs 28 to Rs 6.854 trillion.

“The uncertainty stemming from the appointment of the next Chief of Army Staff kept the market under pressure during the week, with the KSE-100 index ending the week at 42,937pts, having gained 0.48 percent from the previous week”, an analyst at AKD Securities said.

Sector-wise, the top performing sectors were Jute (up 12 percent), Technology and Communication (up 4.2 percent) and Transport (up 3.7 percent), while the least favourite sectors were Power Generation and Distribution (down 3.8 percent), Vanaspati and Allied Industries (down 3.4 percent) and Cable and Electrical (down 2.7 percent).

Stock-wise, top performers were INDU (up 7.8 percent), SYS (up 7.2 percent), ENGRO (up 4.3 percent), DAWH (up 4.2 percent) and PSEL (up 4.1 percent), while laggards were HUBC (down 6.7 percent), MUREB (down 5.6 percent), FCEPL (down 5.4 percent), FATIMA (down 4.3 percent) and KEL (down 4.2 percent).

Flow wise, Individuals were major buyers with net buy of $4.8 million, followed by Foreign Investors (net buy of $1.1 million), while Mutual Funds were major sellers during the week, with a net sell of $2.8 million. Insurance continued to be a seller, with a net sell of $1.4 million during the week.

An analyst at JS Global Capital said that after posting a sharp decline last week owing to political uncertainty and delay in talks with IMF, the index witnessed a recovery during the week.

The week started with a positive news of encouraging Current Account Deficit (CAD) numbers where despite lower remittances, CAD for Oct-2022 clocked in at $567million, well below the country’s monthly average of $1.2billion during CY22 to-date due to lower trade deficit.

The market however remained volatile as investors waited for clarity on the political front.

Key performers were Tech (up 4.2 percent) and Autos (up 1.6 percent) sectors, while Power sector (down 3.8 percent) stood out as the key under performer.

Copyright Business Recorder, 2022

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