KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week on the back of fresh buying mainly by local investors.
BRIndex-100 gained 67.2 points on week-on-week basis to close at 4,974.82 points. Average daily volumes stood at 520.235 million shares.
BRIndex-30 increased by 661.62 points to close at 25,790.43 points with average daily turnover of 334.580 million shares.
KSE-100 index surged by 419.29 points or 0.9 percent on week-on-week basis and closed at 46,227.65 points. Trading activities however remained thin as average daily volumes on ready counter decreased by 19.0 percent to 595.02 million shares as compared to previous week’s average of 734.42 million shares. Average daily trading value declined by 5.6 percent to Rs 25.36 billion.
The foreign investors remained net sellers of shares worth $0.57 million together with Insurance Companies (net sell of $9.06 million) and Banks (net sell of $1.05 million) which was mainly absorbed by Companies (net buy of $5.53 million) and Individuals (net buy of $4.88 million). Total market capitalization increased by Rs 75 billion to Rs 8.316 trillion.
An analyst at AKD Securities said that the KSE-100 index remained volatile during the outgoing week, closing at 46,228 points, gaining 420 points or 0.92 percent on week-on-week basis, in continuance of last week’s momentum, and as a result of staff-level agreement with IMF for release of $500 million in funds.
Nevertheless, sectoral profit taking by investors kept the index under pressure for the rest of the week.
Amongst major sectors, Technology led the pack with a gain of (up 10.3 percent) followed by Refinery (up 7.0 percent), Engineering (up 4.9 percent) and Automobile Parts & Accessories (up 4.3 percent).
Top performers for the week were STJT (up 17.6 percent), TRG (up 16.6 percent), GATI (up 16.0 percent), MTL (up 15.4 percent) and BYCO (up 10.6 percent) whereas laggards were HBL (down 7.3 percent), ATLH (down 6.9 percent), FABL (down 5.5 percent), AGIL (down 5.2 percent) and MEBL (down 4.2 percent).
An analyst at JS Global Capital said it was a bit of a rollercoaster ride at the local bourse this week, as the index started off positively in the initial trading sessions, before witnessing a sharp correction and ending the week with a flattish Friday.
Cumulatively, the KSE100 index nudged high by 0.9 percent on WoW to a level of 46,227. Although activity was 19 percent lower this week with daily volumes averaging at 595 million shares per day, these were still well above year-to-date FY21 daily average of 486 million shares.
Copyright Business Recorder, 2021