KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on July 14, 2023 on the back of healthy buying by both local and foreign investors.
The benchmark KSE-100 index surged by 860.67 points on week-on-week basis and crossed 45,000 crucial level to close at 45,067.98 points.
Trading activities also improved as average daily volumes on ready counter increased by 29.7 percent to 440.45 million shares as compared to previous week’s average of 339.64 million shares while average daily traded value on ready counter increased by 8.0 percent to Rs 12.41 billion against previous week’s Rs 11.49 billion.
BRIndex100 gained 78.34 points during this week to close at 4,535.26 points with average daily turnover of 390.752 million shares.
BRIndex30 increased by 228.27 points to close at 15,814.70 points with average daily trading volumes of 263.697 million shares.
The foreign investors remained net buyers of shares worth $2.011 million during this week.Total market capitalisation increased by Rs 178 billion during this week to close at Rs 6.872 trillion.
An analyst at AKD Securities said that the market hit off with a bullish note, gaining momentum in the first three trading sessions. However, profit-taking by investors resulted in market closing red during the last two sessions. The benchmark index gained 861points during the outgoing week to close at 45,068points, a gain of 1.9 percent on WoW.
The market’s upbeat performance has been characterized by the IMF’s executive board’s approval of the SBA (Stand-By Arrangement) and the influx of $2.0/1.0/1.2billion from KSA, UAE, and IMF, respectively. However, the said inflows would reflect in the next week’s SBP-reserve numbers which are anticipated to cross the $8.0 billion mark after nine months. Sector-wise, Chemical, Automobile Parts & Accessories, and Leather & Tanneries were amongst the top performers, up 12.9 percent/9.3 percent/7.5 percent WoW respectively. On the other hand, close-end mutual fund, technology & communication, and textile spinning were amongst the worst performers with a decline of 2.7 percent/2.2 percent/1.9 percent WoW.
Flow-wise, major net selling was recorded by mutual funds with a net sell of $5.97million. On the other hand, Individual absorbed most of the selling with a net buy of $3.93 million.
Company-wise, top performers during the week were UNITY (up 26.5 percent), HCAR (up 23.9 percent), COLG (up 20.6 percent), PSMC (up 17.1 percent) and AIRLINK (up 14.3 percent), while top laggards were GADT (down 9.8 percent), UPFL (down 6.2 percent), SHEL (down 6.0 percent), PGLC (down 4.1 percent) and TRG (down 3.9 percent).
An analyst at JS Global Capital said that investor optimism remained strong following staff-level agreement with the IMF. KSE-100 index closed the week at 45,068, up 861 points.
Sector wise, chemicals (up 13 percent), engineering (up 6.0 percent) and refinery sector (up 5.6 percent) outperformed during the week.
Copyright Business Recorder, 2023
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