KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on August 30, 2024 due to selling on security concerns and roll-over period.
The benchmark KSE-100 index declined by 313.21 points on week-on-week basis and closed at 78,488.22 points. Trading activities slightly improved as average daily volumes on ready counter increased by 4.5 percent to 604.10 million shares during this week as compared to previous week’s average of 578.34 million shares while average daily traded value on the ready counter increased by 20.5 percent to Rs 18.78 billion during this week against previous week’s Rs 15.58 billion.
BRIndex100 lost 31.96 points during this week to close at 8,328.49 points with average daily turnover of 478.544 million shares.
BRIndex30 closed at 26,627.46 points, up 335.56 points with average daily trading volumes of 288.844 million shares.
The foreign investors remained net buyers of shares worth $3.721 million. Total market capitalization declined by Rs 27 billion during this week to stand at Rs 10.485 trillion.
An analyst at AKD Securities said the KSE-100 index showed signs of weakness earlier in the week since Pakistan were not included in the IMF’s executive board meeting agenda, which led to a weekly loss of 0.4 percent, closing at 78,488points.
Sector-wise, Jute, Transport, Exchange Traded Funds, Food & Personal Care Products and Textile Weaving were amongst the top performers, up 47.8 percent/5.9 percent/5.0 percent/2.6 percent/2.4 percent, respectively. On the other hand, Textile spinning, leather & tanneries, vanaspati & allied products, real estate investment trust and paper & board were amongst the worst performers with a decline of 11.0 percent/8.8 percent/6.0 percent/4.3 percent/4.0 percent, respectively.
Flow wise, major net selling was recorded by banks/DFI with a net sell of $3.85million. On the other hand, Individuals absorbed most of the selling with a net buy of $5.84 million.
Company-wise, top performers during the week were NBP (up 16.0 percent), COLG (up 10.8 percent), GLAXO (up 5.0 percent), MTL (up 4.9 percent) and MARI (up 4.6 percent), while top laggards were ABOT (down 9.7 percent), AVN (down 9.0 percent), SRVI (down 8.6 percent),SML (down 7.3 percent) and PSX (down 7.0 percent).
An analyst at JS Global Capital said the KSE-100 index experienced subdued activity during the week due to security concerns and the roll-over period, ending with modest WoW losses of 0.4 percent, closing at 78,488 points.
The market did see some recovery in the final sessions, driven by external developments, including Moody’s upgrading Pakistan’s rating to Caa2, reflecting improved macroeconomic conditions and slightly better government liquidity and external positions.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.