KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on January 24, 2025 as the investors remained cautious and avoided to take fresh position due to uncertainty on the implications of amendments in the tax bill regarding non-filers which adversely impacted market sentiments.
The benchmark KSE-100 index declined by 391.59 points on week-on-week basis and closed at 114,880.49 points.
Trading activities however improved as average daily volumes on ready counter increased by 25.3 percent to 698.71 million shares during this week as compared to previous week’s average of 557.83 million shares while average daily traded value on the ready counter increased by 7.1 percent to Rs 34.57 billion during this week against previous week’s Rs 32.28 billion.
BRIndex100 gained 34.23 points during this week to close at 12,178.83 points with average daily turnover of 633.786 million shares.
BRIndex30 decreased by 601.87 points on week-on-week basis to close at 36,599.55 points with average daily trading volumes of 387.127 million shares.
The foreign investors remained net buyers of shares worth $5.571 million during this week. Total market capitalization declined by Rs 128 billion during this week to stand at Rs 14.116 trillion.
An analyst at AKD Securities said that the index experienced a marginally subdued week, with authorities proposing amendments to tax bill during the week including increased restrictions on non-tax filers, barring them from the purchase of securities, investment in mutual funds, properties and even suspending their bank accounts, whereas NA panel is currently reviewing the proposals.
Sector-wise, fertilizer, inv. banks, and textile weaving were amongst the top performers, up 3.5 percent/2.9 percent/2.5 percent WoW. On the other hand, E&P, Jute, and Transport sectors reported a decline of 7.7 percent, 5.8 percent and 5.4 percent WoW, respectively.
Flow wise, major net selling was recorded by Banks with a net sell of $14.1million. On the other hand, foreigners and companies absorbed most of the selling with a net buy of $5.6 million and 5.4 million, respectively.
Company-wise, top performers during the week were FCCL (up 15.0 percent), KTML (up 13.1 percent), CNERGY (up 11.6 percent), LOTCHEM (up 6.0 percent) and MLCF (up 5.5 percent), while top laggards were MARI (down 14.8 percent), NRL (down 8.5 percent), SAZEW (down 8.3 percent), PGLC (down 6.2 percent) and PIBTL (down 5.6 percent).
An analyst at JS Global Capital said that the KSE-100 experienced mixed trends during the week closing at 114,880 points, down 0.3 percent WoW.
The week witnessed uncertainty on the implications of amendments in the tax bill regarding non-filers which adversely impacted market sentiments.
In the recent T-bill auction, government raised Rs326billion against a target of Rs350billion, with yields declining between 20 - 41bps across different tenors further strengthening the case for a rate cut.
Copyright Business Recorder, 2025
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