KARACHI: Pakistan Stock Exchange continued with its upward rally and hit new highest ever levels during the outgoing week ended on December 01, 2023 on the back of continuous healthy buying by both local and foreign investors coupled with institutional support.
The benchmark KSE-100 index surged by 2,604.90 points on week-on-week basis and crossed 61,000 historic level to close at its highest ever level of 61,691.25 points.
Average daily trading volumes on ready counter decreased by 14.4 percent to 625.59 million shares during this week as compared to previous week’s average of 730.89 million shares however average daily traded value on the ready counter increased by 8.0 percent to Rs 22.75 billion during this week against previous week’s Rs 21.07 billion.
BRIndex100 added 267.75 points during this week to close at 6,295.08 points with average daily turnover of 538.953 million shares.
BRIndex30 increased by 1026.83 points on week-on-week basis and crossed 21,000 level to close at 21,936.95 points with average daily trading volumes of 292.220 million shares.
The foreign investors also remained net buyers of shares worth $19.354 million during this week. Total market capitalization increased by Rs 336 billion during this week to Rs 8.885 trillion.
An analyst at AKD Securities said that the benchmark KSE-100 index continued with its upward rally during the week, with the KSE-100 maintaining its unrelenting bullish momentum, finally settling at 61,691points, 4.4 percent WoW), reflecting its highest ever level.
The impetus, post IMF review success, sustained with a notable increase in foreign inflows into the market, with net FIPI buying hitting its 6-year high of $35million in November 2023. Furthermore, Kuwait and UAE agreements, $3.0 billion deposit extension by KSA and an expected $2.0 billion inflow from the World Bank in FY24 (albeit with policy-level concerns), above target FBR collections at Rs 3.48billion for the first five months of FY24, bolstered market sentiments.
Sector-wise flows suggest buying was witnessed across the board as every sector, except REITs (unchanged) closed in the green. Emerging as the top performers during the week were Close-end mutual funds, Woollen, Tobacco and Automobile assemblers, up WoW by 66.5 percent, 54.8 percent, 43.4 percent and 39.9 percent.
Flow-wise, Banks/DFI remained major buyers, netting $14.96million, while major selling by Other Organization amounted to $1.49million.
Company-wise, top performers during the week were DGKC (up 23.1 percent), ATLH (up 22.3 percent), MTL (up 20.1 percent), PSEL (up 18.5 percent) and FCEPL (up 14.7 percent), while top laggards were PGLC (down 9.4 percent), ANL (down 7.7 percent), GHGL (down 6.8 percent), MARI (down 6.7 percent) and BNWM (down 6.7 percent).
Company wise total volume leaders were KOSM at 226.72million shares; WTL at 176.87million shares; BOP at 133.24million shares; MLCF at 98.88million shares and CNERGY at 92.14million shares.
An analyst at JS Global Capital said that the KSE-100 index continues to post positive returns closing the week at 61,691, up 4.4 percent WoW.
“Within cement sector, we saw major price hike announcement by players in the North, FCCL commissioned its 6,500tpd greenfield cement plant expansion while Lucky Cement concluded its share buy-back from the market – which triggered activity in cement sector stocks.”
Copyright Business Recorder, 2023
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