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KARACHI: Pakistan Stock Exchange witnessed bullish trend and hit highest ever levels first time in its history and closed with healthy gains during the outgoing week ended on November 24, 2023 on the back of aggressive buying by both local and foreign investors coupled with institutional support.

The benchmark KSE-100 index surged by 2,023.19 points on week-on-week

basis and crossed 59,000 psychological level for the first time in its history to close at highest ever level of 59,086.35 points.

Average daily volumes on ready counter however slightly decreased by 3.9 percent to 730.89 million shares during this week as compared to previous week’s average of 760.76 million shares while average daily traded value on ready counter declined by 11.2 percent to Rs 21.07 billion during this week against previous week’s Rs 23.71 billion.

BRIndex100 added 202.52 points during this week to close at 6,027.33 points with average daily turnover of 632.245 million shares.

BRIndex30 increased by 265.95 points on week-on-week basis to close at 20,910.12 points with average daily trading volumes of 422.542 million shares.

The foreign investors also remained net buyers of shares worth $8.532 million. Total market capitalization increased by Rs 268 billion during this week to Rs 8.549 trillion.

“This week, market skyrocketed with the KSE-100 index continuing to touch an all-time high of 59,086points on Friday, reflecting a significant increase of 3.55 percent %WoW”, an analyst at AKD Securities said.

Sector-wise, woollen, leasing companies, and glass & ceramics were amongst the top performers, up by 43.5 percent/22.6 percent/17.0 percent respectively. On the other hand, synthetic & rayon, tobacco, and refinery were amongst the negative performers with a decline of 1.7 percent/1.0 percent/0.7 percent respectively.

Flow wise, major net selling was recorded by banks with a net sell of $5.03 million. On the other hand, individuals absorbed the selling with a net buy of $3.52million.

Company-wise, top performers during the week were PGLC (up 52.4 percent), BNWM (up 43.5 percent), GHGL (up 25.4 percent), ABOT (up 19.1 percent) and PSMC (up 18.9 percent), while top laggards were UNITY (down 5.4 percent), EFUG (down 5.2 percent), CNERGY (down 4.9 percent), PIOC (down 3.9 percent) and OGDC (down 3.3 percent).

An analyst at JS Global Capital said that the KSE-100 index continued the bull-run, with the index setting new high of 59,000 this week, gaining 3.5 percent WoW.

International oil prices remained volatile on build-up of production cut expectations while the OPEC meeting got delayed due to dispute over output quotas. FBR finally released the SRO this week regarding imposition of 40 percent tax on windfall income on forex dealing by banks during 2021-22.

In other news, Current account figures released by SBP indicated another consecutive month of almost break-even current account of $74million where exports reported a 12 percent MoM increase while imports were up 9.0 percent MoM during the month taking the four months of FY24 CAD to $1.1billion. Moreover, SBP forex reserves fell by $217million to $7.2billion as per the latest data.

Expectations of further hike in gas prices to the tune of 10-15 percent to curb continuous build-up of circular debt, attracted some interest in the energy sector stocks.

Copyright Business Recorder, 2023

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