KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on January 13, 2023 due to heavy selling on investor concerns over prevailing economic and political situation in the country.
The benchmark KSE-100 index plunged by 684.07 points on week-on-week basis and closed below 41,000 psychological level at 40,323.45 points.
Average daily trading volumes on ready counter slightly increased by 4.1 percent to 183.27 million shares as compared to previous week’s average of 175.98 million shares while average daily traded value on ready counter increased by 16.9 percent to Rs 6.19 billion against previous week’s Rs 5.30 billion.
BRIndex100 decreased by 87.19 points during this week to close at 3,982.71 points with average daily turnover of 153.812 million shares.
BRIndex30 plunged by 335.47 points on week-on-week basis to close at 14,100.52 points with average daily trading volumes of 113.430 million shares.
The foreign investors remained on the net buyers of shares worth $17,043. Total market capitalization declined by Rs 85 billion during this week to Rs 6.424 trillion. An analyst at AKD Securities said the KSE-100 index witnessed an overall volatile week, as news flows of reserves falling below $4.5 billion dampened overall sentiment, alongside the obvious political ruckus regarding Punjab Assemblies. Although, some respite was witnessed on the back of pledges, obtained in the Climate Conference in Geneva, with the country wracking up over $10 billion worth of commitments from friendly nations and international FIs.
Sector-wise Vanaspati & Allied Industries, Close-End Mutual Fund and Miscellaneous were amongst the top performers, up 7.3%/5.8%/3.4 on WoW, respectively. On the other hand, Leather & Tanneries, Leasing Companies and Pharmaceuticals were amongst the worst performers registering a decline of 7.2%/5.6%/5.3% on WoW, respectively.
Flow wise, major net selling was recorded by Mutual Funds (net sell: $4.7million). On the other hand, Individuals absorbed most of the selling with a net buy of $6.5million.
Company-wise, top performers during the week were MTL (up 8.0 percent), PSEL (up 7.3 percent), LOTCHEM (up 5.7 percent), JVDC (up 5.4 percent) and NESTLE (up 4.6 percent), while top laggards were INIL (down 10.9 percent), SRVI (down 10.4 percent), ABOT (down 9.3 percent), NRL (down 9.2 percent) and TRG (down 9.1 percent).
“In a turnabout from previous trend, market closed negative this week, losing a total of 684 points,” an analyst at JS Global Capital said.
This was despite the index recovering during the week over Pakistan securing commitments worth $10billion (3.0 percent of GDP) at the International Conference on Climate Resilient Pakistan for rehabilitation of flood affected areas, covering for 62 percent of the estimated $16billion recovery needs estimate. On the political front, temperature remained high in Punjab where CM Pervez Elahi successfully received the vote of confidence and subsequently signed a summary to dissolve the Punjab assembly. E&P sector received limelight during the week after Finance Minister indicated executing the piling gas circular debt’s settlement by partially adjusting government E&P companies’ receivables against prospective dividends from the same.
Copyright Business Recorder, 2023
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