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KARACHI: Pakistan Stock Exchange witnessed bullish trend and hit highest ever levels in its history on the back of healthy buying by both local and foreign investors coupled with institutional support.

The benchmark KSE-100 index surged by 1,274.66 points on week-on-week basis and crossed 68,000 points psychological level for the first time in its history to close at highest ever level of 68,416.78 points.

Average daily trading volumes at ready counter stood at 307.26 million shares as compared to previous week’s average of 335.16 million shares while average daily traded value on the ready counter stood at Rs 11.77 billion against previous week’s Rs 12.27 billion.

BRIndex100 added 140.35 points during this week to close at 7,059.58 points with average daily turnover of 266.430 million shares.

BRIndex30 increased by 412.84 points on week-on-week basis to close at 22,996.82 points with average daily trading volumes of 174.676 million shares.

Total market capitalization increased by Rs 114 billion during this week to Rs 9.544 trillion.

An analyst at AKD Securities said that the market’s bullish momentum continued this week, with the benchmark KSE-100 index challenging previous highs and achieving the highest-ever closing at 68,417points on Thursday, with weekly gains of 1,412points/2.1 percent.

The said momentum was supported by easing inflation numbers, which clocked in at 20.68 percent YoY for March 2024, turning real interest rates positive for the first time in 38 months. Furthermore, foreign investors and institutions injected additional liquidity through buying, supporting the market’s momentum.

Sector-wise, Inv. Banks/securities Cos, Pharmaceuticals, Refinery were amongst the top performers, up 6.7 percent/5.1 percent/3.8 percent WoW respectively. On the other hand, Transport, Tobacco, and Synthetic & Rayon were amongst the worst performers with a decline of 13.2 percent/3.9 percent/3.3 percent WoW.

Flow wise, major net selling was recorded by Insurance Cos. with a net sell of $5.6million. On the other hand, Foreigners absorbed most of the selling with a net buy of $3.9million.

Company-wise, top performers during the week were DAWH (up 13.5 percent), SCBPL (up 11.9 percent), MUREB (up 11.9 percent), BIPL (up 11.0 percent) and SEARL (up 10.4 percent), while top laggards were PTC (down 11.4 percent), KTML (down 5.3 percent), PAKT (down 4.3 percent), IBFL (down 4.1 percent) and PKGS (down 3.7 percent).

An analyst at JS Global Capital said that the KSE-100 index reached an all-time high of 68,417 points this week, taking WoW gains to 2 percent.

PIAA’s momentum stalled as the stock experienced a 17 percent decline this week, with investors opting to book profits. In addition to the PIAA deal, the government’s announcement of plans to sell ODGC shares to Saudi investors this week spurred buying activity in the stock, resulting in a 3 percent gain.

Copyright Business Recorder, 2024

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