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KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on October 13, 2023 on the back of aggressive buying in almost all sectors.

The benchmark KSE-100 index surged by 1999.90 points on week-on-week basis and crossed 49,000 psychological level to close at its six year high level of 49,493.47 points.

Trading activities also improved as average daily volumes on ready counter increased by 29.1 percent to 375.77 million shares during this week as compared to previous week’s average of 291.06 million shares while average daily traded value on ready counter increased by 50.2 percent to Rs 11.11 billion during this week against previous week’s Rs 7.40 billion.

BRIndex100 added 225.31 points during this week and crossed 5000 level to close at 5,008.67 points with average daily turnover of 339.661 million shares.

BRIndex30 increased by 730.36 points on week-on-week basis and crossed 17,000 level to close at 17,679.05 points with average daily trading volumes of 237.560 million shares.

The foreign investors also remained net buyers of shares worth $1.406 million. Total market capitalization increased by Rs 283 billion during this week to stand at Rs 7.286 trillion.

An analyst at JS Global Capital said that the KSE-100 index rebounded to its 6-year high, reporting a positive closing of 49,493 this week, up 4.2 percent WoW.

Recovery in key macro indicators were the major reason for renewed interest. The Pak Rupee continued to display a persistent uptrend, concluding the trading week at Rs 278 in the open market, compared to Rs 300/US$ a month ago.

“During the week, the KSE-100 index crossed 49,000 points, level last seen in June’17. The market maintained its bullish trend on the back of robust results that exceeded participants’ expectations. Along with this, record setting remarkable 27th consecutive session of strengthening of the PKR against the USD boosted investors’ confidence. Furthermore, Pakistan was granted GSP+ extension for four years.

Sector-wise positive contributions came from Commercial Banks (up 498points), Fertilizer (up 447points), E&Ps (up 283points), Power (up 250points) and Cement (up 127points). Meanwhile, the sectors which contributed negatively were Technology (down 79points) and Chemical (down 21points).

Scrip-wise positive contributors were HUBC (up 182points), FFC (up 178points), PPL (up 151points), UBL (up 123points) and ENGRO (up 118points). Whereas, scrip-wise negative contributions came from TRG (down 123points), COLG (down 14points), LOTCHEM (down 8points), GHGL (down 5points) and FCEPL (down 3points).

Foreigner buying was witnessed during this week, clocking in at $1.41million compared to a net selling of $ 12.05 million last week. Major buying was witnessed in Technology & Communication ($1.0million) and Exploration and Production ($ 0.87 million). On the local front, selling was reported by Insurance ($ 2.1 million) followed by Individuals ($ 2.0 million).

Copyright Business Recorder, 2023

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