KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on October 20, 2023 on the back of aggressive buying in almost all sectors.
The benchmark KSE-100 index surged by 1238.40 points on week-on-week basis and crossed 50,000 psychological-level to close at 50,731.87 points.
Trading activities also improved as average daily volumes on ready counter increased by 7.8 percent to 405.17 million shares as compared to previous week’s average of 375.77 million shares while average daily traded value on ready counter increased by 12.6 percent to Rs 12.51 billion against previous week’s Rs 11.11 billion.
BRIndex100 added 151.37 points during this week to close at 5,160.04 points with average daily turnover of 366.583 million shares.
BRIndex30 increased by 517.44 points on week-on-week basis and crossed 18,000 level to close at 18,196.49 points with 255.713 million shares.
The foreign investors also remained net buyers of shares worth $2.321 million. Total market capitalization increased by Rs 93 billion to Rs 7.379 trillion.
An analyst at JS Global Capital said that the KSE-100 index crossed the psychological barrier of 50,000 this week, closing at 50,732, up 2.5 percent WoW.
The quarterly result announcements took the stage this week where above expected earnings of PSO, EFERT, MEBL and EPCL triggered stock specific activity. On the macro front, SBP reserves increased by $ 67 million to $ 7.7 billion. Moreover, LSM YoY growth figures turned positive after 14-months to 3.0 percent YoY during the month of August 2023.
An analyst at Arif Habib Limited said that the market crossed 50,000 points level during the outgoing week, a milestone that has occurred after six years. The market maintained its bullish trend on the back economy gaining traction, interest rates and inflation peaked out, strong currency and robust results posted by companies.
Sector-wise positive contributions came from Commercial Banks (up 290 points), Fertilizer (up 174 points), Power (up 159points), Cement (up 106 points), and E&P (up 98points). Meanwhile, the sectors which contributed negatively were food & personal care products (down 7 points) and textile composite (down 5points).
Scrip-wise positive contributors were HUBC (up 124points), ENGRO (up 82 points), PPL (up 69 points), MCB (up 62 points), and PSO (up 61 points). Whereas, scrip-wise negative contributions came from UNITY (down 21 points), DAWH (down 10 points), PTC (down 9 points), MTL (down 9points), and RMPL (down 9points).
Foreigner buying was witnessed during this week, clocking in at $ 2.3 million compared to a net buying of $1.4million last week. Major buying was witnessed in Commercial Banks ($1.9 million) and technology & communication ($0.9 million). On the local front, selling was reported by banks/DFIs ($3.9million) followed by mutual funds ($2.6million).
Copyright Business Recorder, 2023