KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing four-day week on the back of aggressive buying by both local and foreign investors in various sectors.
The benchmark KSE-100 index surged by 1,156.27 points on week-on-week basis and crossed 47,000 psychological-level to close at 47,077.00 points.
Trading activities also improved as average daily volumes on ready counter increased by 5.4 percent to 375.90 million shares during this week as compared previous week’s average of 356.80 million shares while average daily traded value on ready counter increased by 38.2 percent to Rs 12.60 billion during this week against previous week’s Rs 9.12 billion.
BRIndex100 added 142.59 points during this week to close at 4,785.87 points with average daily turnover of 331.060 million shares. BRIndex30 increased by 715.36 points to close at 16,824.69 points with average daily trading volumes of 220.381 million shares.
The foreign investors also remained net buyers of shares worth $2.764 million during this week. Total market capitalization increased by Rs 135 billion to Rs 7.098 trillion.
An analyst at AKD Securities said that the outgoing week continued its bullish run, with the KSE-100 starting the week at 45,920.73points, continuing the move upwards to close at 47,076.99pts, up 1,156.26points or 2.5 percent WoW).
Investor sentiments remained positive after the approval of the IMF SBA and a move towards the general elections.
Buying was witnessed sector wise Close-End Mutual Funds as the top performer recording gains of 13.5 percent WoW, whilst Jute declined by 8.5 percent WoW.
Flow-wise, major selling was recorded by Mutual Funds with a net sell of $5.98million. On the other hand, Other Organization absorbed most of the selling with a net buy of $5.22million.
Company-wise, top performers during the week were HGFA (up 22.7 percent), AICL (up 18.1 percent), HBL (up 16.3 percent), NBP (up 16.0 percent) and SHEL (up 15.9 percent), while top laggards were SML (down16.8 percent), BNWM (down 6.5 percent), DAWH (down 5.4 percent), MUGHAL (down 3.7 percent) and ENGRO (down 1.8 percent).
“Following last week’s momentum, investor optimism remained strong throughout this week”, an analyst at JS Global Capital said.
The KSE-100 Index crossed the 47,000 mark for the first time since November 2021. Sector-wise, OMCs (up 6.7 percent), Power (up 5.7 percent) and Refinery Sector (up 5.4 percent) outperformed during the week.
Copyright Business Recorder, 2023
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