KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on February 03, 2023 as the investors remained cautious due to prevailing economic and political situation in the country.
The benchmark KSE-100 index closed the week at 40,471.16 points, up only 20.63 points on week-on-week basis.
Trading activities remained low as average daily volumes on ready counter decreased by 39.8 percent to 130.78 million shares during this week as compared to previous week’s average of 217.20 million shares while average daily traded value on ready counter declined by 29.7 percent to Rs 5.82 billion against previous week’s Rs 8.27 billion.
BRIndex100 gained 7.87 points during this week to close at 4,039.48 points with average daily turnover of 118.911 million shares.
BRIndex30 lost 6.14 points on week-on-week basis to close at 14,421.14 points with average daily trading volumes of 81.268 million shares.
Total market capitalization increased by Rs 01 billion to Rs 6.352 trillion.
An analyst at AKD Securities said that the KSE-100 index witnessed volatile sessions mainly attributable to ongoing talks with IMF to ensure its prerequisite conditions are implemented which includes high circular debt which is hovering around Rs 2.5trillion for power sector and Rs 1.6trillion for gas sector while restricting subsidies only to vulnerable domestic consumers. Furthermore the lender has also demanded political consensus given that opposition might create hurdles in the way of implementing tough economic decisions.
Sector-wise, the top performing sectors were Glass and Ceramics (up 4.4 percent), Pharmaceuticals (up 3.9 percent) and Woolen (up 3.6 percent), while the least favourite sectors were Miscellaneous (down 12.7 percent), Textile Weaving (down 5.7 percent) and Tobacco (down3.8 percent).
Stock-wise, top performers were GATM (up 12.1 percent), ABOT (up 11 percent), GHGL (up 7.8 percent), COLG (up 7.4 percent) and KTML (up 7.1 percent), while laggards were PSEL (down 21.2 percent), GADT (down 11.5 percent), SRVI (down 5.5 percent), PPL (down 5.2 percent) and PSMC (down 4.9 percent).
Flow wise, individuals were the major buyers with net buy of $0.32million, followed by Banks/DFI (net buy of $0.13million), while foreign investors were major sellers during the week, with a net sell of $0.75million.
An analyst at JS Global Capital said a rollercoaster week was witnessed as bears and bulls both dominating in various trading sessions. Market participants predominantly tracked news flows and updates on the ongoing IMF and government talks regarding the ninth review.
Copyright Business Recorder, 2023
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