KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on June 23, 2023 on investor concerns over delay in IMF review.
The benchmark KSE-100 index plunged by 1235.98 points on week-on-week basis and closed below 41,000 psychological-level at 40,065.32 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 19.0 percent to 131.01 million shares during this week as compared to previous week’s average of 161.73 million shares while average daily traded value on ready counter declined by 7.9 percent to Rs 3.83 billion during this week against previous week’s Rs 4.16 billion.
BRIndex100 decreased by 137.64 points during this week to close at 3,936.87 points with average daily turnover of 109.766 million shares.
BRIndex30 declined by 563.41 points on week-on-week basis to close at 13,443.98 points with average daily trading volumes of 77.186 million shares.
The foreign investors were net buyers of shares worth $2.9million during this week with major buying witnessed in the Banking Sector ($1.0million). Total market capitalization declined by Rs 163 billion during this week to close at Rs 6.163 trillion.
An analyst at AKD Securities said that the outgoing week saw gloomy sentiments overwhelm the local bourse, where the KSE-100 index maintained a bearish attitude since the announcement of the budget on June 9th. The benchmark KSE-100 index opened the week at 41,301points, falling to 40,065points, down 1,236points or 3.0 percent on week-on-week basis.
The market’s performance has been characterized by the IMF’s disagreement over the federal budget, aggravated by Pakistan’s non-inclusion in the Fund’s board meetings up till June 29th. Although there are assurances from the Prime Minister and other senior officials regarding a positive conclusion to the program, investor sentiments remain unmoved.
Sector wise, leasing companies, transport, and glass & ceramics have been the worst performers, declining by 14.1 percent/10.5 percent/8.8 percent on a weekly basis, whilst Tobacco remained the exception, clocking a 4.8 percent gain.
Flow-wise, major net selling was recorded by Brokers with a net sell of $7.7million. On the other hand, Companies absorbed most of the selling with a net buy of $10.5million.
Company-wise, top performers during the week were SML (up 22.3 percent), SHEL (up 10.1 percent), PAKT (up 6.7 percent), UPFL (up 6.5 percent) and AGP (up 6.1 percent), while top laggards were MTL (down 32.8 percent), PGLC (down 21.9 percent), YOUW (down 21.9 percent), GATM (down 21.7 percent) and PSMC (down 14.3 percent).
An analyst at JS Global Capital said that the KSE-100 Index continued with the bearish trend as IMF review continued to prolong.
Sector-wise, leasing companies (down 14.1 percent), transport (down 10.5 percent) and glass sector (down 8.8 percent) underperformed during the week.
Copyright Business Recorder, 2023
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