KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on October 07 due to investor interest after falling trade deficit and rapidly appreciating PKR against US dollar.
The benchmark KSE-100 index surged by 956.58 points on week-on-week basis and crossed 42,000 psychological level to close at 42,085.25 points.
Trading activities also improved significantly as average daily volumes on ready counter increased by 117.6 percent to 434.07 million shares as compared to previous week’s average of 199.48 million shares while average daily traded value on ready counter increased by 24.2 percent to Rs 10.48 billion.
BRIndex100 gained 131.55 points during this week to close at 4,237.73 points with average daily turnover of 403.070 million shares.
BRIndex30 increased by 810.85 points on week-on-week basis to close at 16,391.37 points with average daily trading volumes of 338.822 million shares.
Total market capitalization increased by Rs 80 billion during this week to Rs 6.862 trillion.
An analyst at AKD Securities said the bourse saw mostly an all green week after a long break, up 42,085 points, up 2.33 percent on WoW), as a falling trade deficit and rapidly appreciating currency breathed life into the overall investor sentiment. Further, rumors about rate-cuts in the upcoming monetary policy meeting on 10th October loomed large.
Sector-wise, amongst mainboards, Technology & Communication, Sugar and Close ended MFs were amongst the top performers, up 8.9 percent/7.0 percent/6.6 percent on WoW respectively. On the other hand, Jute, Miscellaneous and Vanaspati& Allied was amongst the worst performers with a declines of 16.7 percent/4.8 percent/3.9 percent on WoW.
Flow wise, major net selling was recorded by Insurance (net sell: $5.73million) and Banks/DFIs (net sell: $4.4million). On the other hand, Individuals absorbed most of the selling with net buy of $6.72million.
Stock wise, top performers include HUBC (up 13 percent), FCEPL (up 12.8 percent), TRG (up 11.9 percent), SYS (up 10.5 percent) and HGFA (up 9.1 percent), while top laggards were PGLC (down 12.8 percent), PSEL (down 7.4 percent), SML (down 6.7 percent), MUREB (down 6.6 percent) and PSMC (down 5.6 percent).
An analyst at JS Global Capital said that carrying last week’s bullish momentum, KSE-100 Index closed up 2.3 percent on WoW.
Among key performers were Technology (up 8.9 percent) and Power (up 6.3 percent) sectors, while Banking sector stood out as the key under performer.
Copyright Business Recorder, 2022