KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended Jan 22, as the investors remained cautious to take fresh positions.
BRIndex-100 lost 6.55 points on week-on-week basis to close at 4,847.87 points. Average daily trading volumes stood at 453.159 million shares.
BRIndex-30 increased by 197.65 points to close at 24,702.16 points with average daily turnover of 330.311 million shares.
KSE-100 index declined by 62.96 points on week-on-week basis and closed at 45,868.04 points. Trading activities remained thin as average daily volumes on ready counter decreased by 25.3 percent to 509.81 million shares as compared to previous week’s average of 682.21 million shares. Average daily trading value declined by 8.6 percent and stood at Rs 18.90 billion.
The foreign investors accumulated stocks worth of $5.51 million as compared to a net sell of $2.10 million last week. Major buying was witnessed in Technology & Communication ($3.24 million) and Power Generation and Distribution ($2.43 million). On the local front, selling was reported by Mutual Funds ($19.90 million) followed by Broker Proprietary Trading ($7.46 million). Total market capitalization increased by Rs 8 billion to Rs 8.315 trillion.
An analyst at AKD Securities said the KSE-100 Index remained volatile throughout the week, consolidating at 45,868 points after gaining 1,433 points or 3 percent month-to-date.
Lackluster news on macro levels led to profit taking during the outgoing week, offsetting the result season driven exuberance.
Amongst major sectors, Textiles led the pack with a gain of 6.8 percent followed by Vanaspati and Allied Industries (up 4.6 percent) and Technology (up 3.2 percent) whereas E&Ps (down 2.4 percent) and Refineries (down 3.6 percent) remained laggards.
Top performers during the week were SHFA (up 12.6 percent), FCEPL (up 11.2 percent), TRG (up 10.8 percent), ICI (up 10.6 percent) and KTML (up 7.9 percent) whereas laggards were FML (down 6.4 percent), GATM (down 6.2 percent), SHEL (down 5.8 percent) and BNWM (down 5.0 percent).
An analyst at Arif Habib Limited said this week trading commenced on a negative note due to worsening gas supply situation in the country which might result in suspension of gas supply to industries, decline in international crude prices (negative sentiment in E&P sector) and rising political pressure as PDM wanted to protest in front of Election Commission of Pakistan to probe foreign funding case.
However, the KSE-100 Index displayed a rebound on the next trading day and recovered lost points. However, once again bears took charge and negative sentiments were fueled by current account deficit after five months, government increased electricity tariff by Rs 1.95 and CCoE approves Petroleum Division’s proposal for discontinuation of natural gas supply for captive power generation.
Contribution to the downside was led by Oil and Gas Exploration Companies (143 points), Fertilizer (43 points), Oil and Gas Marketing (33 points), Automobile Assembler (25 points) and Pharmaceuticals (16 points). Scrip-wise major losers were PPL (65 points), OGDC (59 points), POL (59 points), ENGRO (31 points) and MCB (22 points). Whereas, scrip-wise major gainers were TRG (110 points), MARI (41 points), BAHL (34 points), KTML (29 points) and ICI (26 points).
Copyright Business Recorder, 2021
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