KARACHI: Pakistan Stock Exchange witnessed bearish trend and closed in deep red with heavy losses due to selling pressure during the outgoing week ended on December 22, 2023.
The benchmark KSE-100 index plunged by 4,424.93 points on week-on-week basis and closed at 61,705.09 points.
Average daily volumes on ready counter decreased by 3.0 percent to 1,215.13 million shares during this week as compared to previous week’s average of 1,253.31 million shares while average daily traded value on the ready counter declined by 27.4 percent to Rs 22.03 billion during this week against previous week’s Rs 30.35 billion.
BRIndex100 decreased by 484.89 points during this week to close at 6,337.21 points with average daily turnover of 1,111.167 million shares.
BRIndex30 declined by 1,853.65 points on week-on-week basis to close at 22,894.88 points with average daily trading volumes of 875.372 million shares.
The foreign investors however remained net buyers of shares worth $2.446 million during this week. Total market capitalization declined by Rs 596 billion to stand at Rs 8.947 trillion. “After surpassing each high for the last two months, the KSE-100 index experienced a downward trajectory, losing 6.69 percent on WoW to close at 61,705points”, an analyst at AKD Securities said adding that overall, selling in scrips was witnessed as the year closes.
On the sectorial front, Textile Weaving and Automobile Parts & Accessories were amongst the best performers with a growth of 2.0 percent and 0.6 percent, respectively. Whereas, Close Ended Mutual Funds, Modarabas, and Inv. Banks were the top laggards with a decline of 14.7 percent/11.9 percent/11.5 percent, respectively.
Flow wise, major net selling was recorded by Mutual Funds with a net sell of $14.26million. On the other hand, Insurance Companies absorbed most of the selling with a net buy of $9.31million.
Company-wise, top performers during the week were PSMC (up 10 percent), HCAR (up 4.3 percent), PSEL (up 2.6 percent), while top laggards were PIBTL (down 19 percent), ANL (down 18.4 percent), PAEL (down 17.7 percent), DAWH (down 17.7 percent) and PSX (down 15 percent).
An analyst at JS Global Capital said that the KSE-100 index corrected 6.69 percent WoW to 61,705 levels, sweeping away 4,400points within the week.
The market is down 8.0 percent from its intra-day high of 67,094 points seen during the last fortnight.
Margin financing trigger, profit taking by Foreigners and Local Institutions as the year-end approaches and rise in International Oil prices are key reasons behind the fall.
Copyright Business Recorder, 2023
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