KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week on selling pressure due to investor concerns on delaying IMF programme and prevailing uncertainty on economic and political front.

The benchmark KSE-100 index plunged by 602.91 points on week-on-week basis and closed at 41,301.30 points.

Trading activities also remained thin as average daily volumes on ready counter decreased by 25.6 percent to 161.73 million shares as compared to previous week’s average of 217.43 million shares while average daily traded value on ready counter declined by 30.7 percent to Rs 4.16 billion against previous week’s Rs 6.01 billion.

BRIndex100 decreased by 115.43 points during this week to close at 4,074.51 points with average daily turnover of 128.956 million shares.

BRIndex30 declined by 572.68 points on week-on-week basis to close at 14,007.39 points with average daily trading volumes of 87.720 million shares.

The foreign investors remained net sellers of shares worth $709,251 during the outgoing week. Total market capitalization declined by 75 billion during this week to close at Rs 6.326 trillion.

An analyst at AKD Securities said that the market remains lacklustre during the week, with KSE-100 index losing 603 points during the week to close at 41,301 points, making a fall of 1.4 percent on WoW basis.

Despite the negative impact of the budget, including the imposition of a 10 percent super tax, windfall tax, and bonus share tax, the market has shown some resilience. Meanwhile, in the last MPC meeting on Monday, SBP maintained the policy rate at 21 percent.

Sector-wise, leasing companies, chemical, and textile weaving were amongst the top performers, up 18.4 percent/11.3 percent/7.1 percent WoW respectively. On the other hand, transport, modarabas, and textile spinning were amongst the worst performers with a decline of 9.6 percent/6.7 percent/6.2 percent WoW.

Flow wise, major net selling was recorded by Mutual Funds with a net sell of $1.97million. On the other hand, Individuals absorbed most of the selling with a net buy of $4.40 million.

Company-wise, top performers during the week were PGLC (up 130.3 percent), SHEL (up 30.0 percent), COLG (up 27.6 percent), MTL (up 13.6 percent) and BNWM (up 4.1 percent), while top laggards were SML (down 13.4 percent), KEL (down 11.4 percent), HINOON (down 9.0 percent), PSMC (down 8.3 percent) and FABL (down 8.0 percent).

An analyst at JS Global Capital said that the KSE-100 Index succumbed to bears this week as delay in IMF review continued to prolong with IMF raising objections over certain proposals announced in the FY24 Federal Budget last week.

Sector-wise, textiles (down 4.4 percent), steel (down 4.0 percent) and E&P Sector (down 3.2 percent) underperformed during the week.

Foreigners remained net seller this week ($0.7 million) with the major selling witnessed in the E&P Sector ($0.3 million).

Copyright Business Recorder, 2023

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