KARACHI: Pakistan Stock Exchange witnessed a bullish trend during the week that ended on April 20, 2023 on the back of healthy buying in various sectors.

The benchmark KSE-100 Index surged by 802.28 points on week-on-week basis and crossed 41,000 psychological level to close at 41,007.82 points.

Trading activity also improved during this week as average daily volumes on ready counter increased by 25.6 percent to 105.07 million shares as compared to previous week’s average of 83.64 million shares while average daily traded value on ready counter increased by 71.9 percent to Rs 3.67 billion against previous week’s Rs 2.14 billion.

BRIndex100 gained 88.92 points during this week to close at 4,190.79 points with average daily turnover of 87.989 million shares.

BRIndex30 increased by 230.39 points during this week to close at 14,909.14 points with average daily trading volumes of 58.712 million shares.

The market capitalization increased by Rs 98 billion to Rs 6.201 trillion.

An analyst at AKD Securities said that the market showed an overall positive momentum over the week as KSE-100 Index gained 802 points during the last four trading sessions to close at 41,008 points.

Sector-wise, Tobacco, Close-end Mutual Fund, and Vanaspati & Allied Industries were amongst the top performers, up 14.3 percent/7.7 percent/4.7 percent respectively. On the other hand, Woollen, Paper & Board, and Insurance were amongst the worst performers with a decline of 4.0 percent/3.3 percent/2.2 percent.

Flow wise, major net selling was recorded by Mutual Funds with a net sell of $3.3 million. On the other hand, Banks absorbed most of the selling with a net buy of $5.5 million.

Company-wise, top performers during the week were FCEPL (up 19.1 percent), PAKT (up 15.7 percent), ENGRO (up 14.2 percent), DAWH (up 10.1 percent) and BAHL (up 9.7 percent), while top laggards were AICL (down 15.5 percent), MUREB (down 14.4 percent), HINOON (down 12.0 percent), FATIMA (down 10.2 percent) and PSEL (down 7.4 percent).

“Carrying last week’s momentum, KSE-100 Index closed at 41,008, up 2.0 percent WoW”, an analyst at JS Global Capital said.

Key performing sector this week was Fertilizer (up 3.8 percent) mainly on back of ENGRO which gained 14 percent WoW. The company announced a hefty cash dividend of Rs 40 alongside its first quarter CY23 results.

Copyright Business Recorder, 2023