KARACHI: Pakistan Stock Exchange witnessed bullish trend during the last trading week of the year ended on December 29, 2023 on the back of continuous buying mainly by local investors.
The benchmark KSE-100 index surged by 745.95 points on week-on-week basis and closed at 62,451.04 points.
Trading activities however remained low as average daily volumes on ready counter decreased by 46.4 percent to 651.76 million shares during this week as compared to previous week’s average of 1,215.13 million shares while average daily traded value on the ready counter declined by 20.1 percent to Rs 17.59 billion during this week against previous week’s Rs 22.03 billion.
BRIndex100 increased by 59.90 points during this week to close at 6,397.11 points with average daily turnover of 584.978 million shares.
BRIndex30 closed at 22,770.27 points, down 124.61 points with average daily trading volumes of 417.278 million shares.
The foreign investors however remained on the selling side and withdrew $1.888 million from the local equity market during this week. Total market capitalization increased by Rs 115 billion during this week to Rs 9.062 trillion.
An analyst at AKD Securities said that the KSE-100 index ended the week at 62,451.04 points, up 1.2 percent WoW), marking an end to the calendar year 2023. Overall, the benchmark index showed strong performance, particularly during the second quarter of FY24, gaining 54.5 percent/50.7 percent CYTD/FYTD.
The gain in momentum is owed to expectations of release of $700 million tranche by the IMF, bilateral and multilateral inflows, of which $250 million is approved from the AIIB to aid sustainable growth. Furthermore, FX reserves increased by $852 million WoW, which is attributable to inflows from the WB, ADB and bilateral support from Saudi Arabia and China.
In addition, MTB auction showed a continued strong interest in 12 months’ paper (Rs 1.49 billion realized), with yields clocking in almost flat compared to last week, at 21.4 percent. This depicted market’s ongoing view of an imminent monetary policy easing owing to lower CPI expectations, hence focus remained on locking in longer term papers.
Sector-wise flows suggest buying was witnessed in Leather & Tanneries/Automobiles Parts & Accessories/Sugar & Allied Industries (up 8.0 percent/up 7.6 percent/up 7.0 percent WoW), whereas major selling was seen in woollen/transport/vanaspati& allied industries (down 5.0 percent/down 3.7 percent/down 3.4 percent WoW).
Flow-wise, Insurance Companies remained major buyers, netting $4.26 million, while Individuals net sell amounted to $6.51 million.
Company-wise, top performers during the week were KOHC (up 13.4 percent), KTML (up 10.0 percent), SRVI (up 9.7 percent), PGLC (up 9.4 percent) and PAKT (up 8.8 percent), while top laggards were PSMC (down 8.2 percent), PTC (down 7.4 percent), PSEL (down 7.1 percent), CNERGY (down 6.3 percent) and BNWM (down 5.0 percent).
Company wise total volume leaders were KEL at 404.29 million shares; WTL at 183.71 million shares; FFL at 167.42 million shares; CNERGY at 147.10 million shares and BOP at 113.23 million shares.
An analyst at JS Global Capital said that the KSE100 index concluded CY23 with a 55 percent YoY return, closing at 62,451. The index remained volatile throughout the week. On a WoW basis, KSE-100 index gained 1.2 percent.
Volumes were weak, averaging at 652 million shares (down 46 percent WoW) during the last week of the year, as investors preferred to remain on the side-lines.
Copyright Business Recorder, 2024
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