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KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on March 01, 2024 on the back of healthy buying by both local and foreign investors coupled with institutional support after easing political situation in the country.

The benchmark KSE-100 index surged by 2,509.87 points on week-on-week basis and crossed 65,000 psychological-level to close at 65,325.69 points.

Trading activities also improved as average daily volumes on ready counter increased by 23.7 percent to 418.50 million shares during this week as compared to previous week’s average of 338.36 million shares while average daily traded value on the ready counter increased by 22.6 percent to Rs 15.52 billion during this week against previous week’s Rs 12.66 billion.

BRIndex100 added 276.00 points during this week to close at 6,716.71 points with average daily turnover of 366.819 million shares.

BRIndex30 increased by 418.41 points on week-on-week basis to close at 22,516.90 points with average daily trading volumes of 279.969 million shares.

The foreign investors also remained net buyers of shares worth $10.439 million during this week. Total market capitalization increased by Rs 231 billion during this week to Rs 9.312 trillion.

“Market’s bullish trend continued this week, driven by ongoing political stability and the swearing-in of elected representatives at both the provincial and federal levels, along with strong financial result of Dec’24 quarter”, an analyst at AKD Securities said.

Furthermore, PM election is scheduled for Sunday and the subsequent announcement of cabinet names added to the positive sentiment. Additionally, favorable macro-economic indicators contributed to investor optimism.

Sector-wise, Leasing Companies, Refinery, and Fertilizers were amongst the top performers, up 10.7 percent/8.1 percent/7.7 percent WoW respectively. On the other, wollen, leather & tanneries, and cable & electrical goods were amongst the worst performers with a decline of 4.0 percent/3.8 percent/3.4 percent WoW.

Flow wise, major net selling was recorded by banks with a net sell of $6.4million. On the other hand, Foreigners absorbed most of the selling with a net buy of $10.4 million.

Company-wise, top performers during the week were PGLC (up 15.8 percent), PIOC (up 15.1 percent), BAFL (up 13.2 percent), UNITY (up 12.6 percent) and ATRL (up 11.8 percent), while top laggards were NCL (down 7.8 percent), ASL (down 6.3 percent), TRG (down 5.7 percent), SRVI (down 5.1 percent) and BNWM (down 4.0 percent).

An analyst at JS Global Capital said that the KSE-100 index gained 4.0 percent WoW to 65,325 points during the week. The investors welcomed the initiation of government formation process. First national assembly and provincial assemblies’ sessions were called during the week. Election for Prime Minister and President are scheduled for 3rd and 9th March 2024, respectively which will be followed by senate elections later this month.

Moody’s maintained credit rating at ‘Caa3’ with a stable outlook for Pakistan, highlighting liquidity and external vulnerability challenges ahead.

Copyright Business Recorder, 2024

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