KARACHI: Pakistan Stock Exchange witnessed a bullish trend during first week after Eid holidays as the government’s agreement with IMF invited aggressive buying in various sectors that supported the market to close on strong positive note with healthy gains.
The benchmark KSE-100 index surged by 2754.62 points or 6.65 percent on week-on-week basis and crossed 44,000 psychological-level to close at 44,207.31 points.
Trading activities also improved as average daily volumes on ready counter increased by 47.2 percent to 339.64 million shares during this week as compared to previous week’s average of 230.78 million shares while average daily traded value on ready counter increased by 58.6 percent to Rs 11.9 billion during this week against previous week’s Rs 7.24 billion.
BRIndex100 added 353.52 points this week to close at 4,456.92 points with average daily turnover of 305.530 million shares.
BRIndex30 increased by 1451.11 points on week-on-week basis to close at 15,586.43 points with average daily trading volumes of 210.178 million shares.
Total market capitalization increased by Rs 325 billion to Rs 6.694 trillion.
An analyst at AKD Securities said that the week started on a very positive note, with the market shooting 2000points up from the opening bell, closing at 43,899points by day end.
This was majorly driven by the positive sentiment coming out from the Eid Holidays as the country’s authorities reached SLA with the IMF on June 30th (Friday).
Overall, market ended gaining 2,754 points or 6.65 percent WoW during the week, breaking the 44,000 barrier during Thursday’s trading session (up 660 points intraday).
In terms of volume, WTL topped the table with 162.97million shares and CNERGY was a runner up with 103.65million shares.
Sector wise, Modarabas/leasing companies/synthetic & rayon have been worst performers, declining by 6.4 percent/6.1 percent/6.0 percent on a weekly basis, whilst Refinery remained an anomaly clocking a 17.1 percent gain.
Company-wise, top performers during the week were NRL (up 28.8 percent), AIRLINK (up 23.1 percent), AVN (up 22.4 percent), UNITY (up 22.3 percent) and INIL (up 19.8 percent), while top laggards were PGLC (down 12.4 percent), IBFL (down 9.1 percent), GADT (down 7.3 percent), EFUG (down 7.0 percent) and PAKT (down 4.2 percent).
Flow-wise, major net selling was recorded by Banks/DFIs with a net sell of$5.48 million. On the other hand, insurance companies absorbed most of the selling with a net buy of $5.72 million.
An analyst at JS Global Capital said that investor enthusiasm over government’s agreement with IMF fuelled market bullishness.
Increased market activity on the first trading day also resulted in a temporary one-hour trading suspension due to a regulatory measure aimed at curbing excessive volatility.
Sector-wise, refinery (up 17 percent), technology (up 14 percent) and engineering sector (up 12 percent) outperformed during the week.
Copyright Business Recorder, 2023
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