KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on April 15, 2022 and closed on strong positive note with healthy gains on week-on-week basis on the back of aggressive buying in almost all sectors after strong appreciation in PKR against US$ and improving political situation in the country.
The benchmark KSE-100 index surged by 2,156.96 points on week-on-week basis and crossed 46,000 psychological-level to close at 46,601.54 points. Trading activities also improved significantly as average daily volumes on ready counter increased by 212.6 percent to 477.32 million shares as compared to previous week’s average of 152.69 million shares while average daily traded value on the ready counter surged by 131.2 percent to Rs 12.08 billion.
BRIndex-100 gained 267.03 points during this week to close at 4,710.75 points with average daily turnover of 445.828 million shares.
BRIndex30 increased by 1992.67 points on week-on-week basis to close at 17,906.75 points with average daily trading volumes of 332.310 million shares.
The foreign investors remained net buyers of shares worth $1.287 million during this week. Total market capitalization increased by Rs 283 billion during this week to Rs 7.757 trillion.
“The momentum gathered in the last trading session of last week, fuelled further on the first trading session of outgoing week where investors across the board welcomed newly formed government set up of coalition parties (PML-N, PPP, JUI-F and MQM-P) led by Shehbaz Sharif (the new PM)”, an analyst at AKD Securities said.
Filled with exuberance, the benchmark KSE-100 index registered 1,700 points rally on Monday – the largest single day return of 3.83 percent – to close the index at 46,145 points. Besides Monday, the rally continued throughout the week, keeping KSE-100 index to over 46,000 barrier and closing the week at 46,602 points, up 4.85 percent on week-on-week basis.
To top it off, PKR appreciated 1.7 percent against the US$. Moreover, participation remained strong throughout the week averaging around 477 million shares, up 212.6 percent.
Sector wise, amongst major sectors Refineries topped with a gain of 26.6 percent, followed by engineering (up 9.4 percent) and tech (up 8.2 percent) whereas across all sectors woollen and leasing gained 13.3 percent and 11.2 percent respectively – the most after Refinery sector.
Flow wise, individuals remained the major buyers with (net buy of $18.9 million) followed by companies (net buy of $2.12 million) while mutual funds stood on the other side with (net sell of $9.9 million) followed by Insurance companies (net sell of $7.8 million).
Top performing stocks for the week were CNERGY (up 29.2 percent), NRL (up 27.1 percent), ATRL (up 23.2 percent), AVN (up 19.0 percent) and PIBTL (up 18.8 percent), while laggards were COLG (down 3.4 percent), HGFA (down 2.3 percent), GLAXO (down 1.8 percent), MUREB (down 1.7 percent) and FML (down 1.5 percent).
An analyst at JS Global Capital said that the week started on a positive note in response to clarity on the political front after major political development over the last weekend. KSE-100 gained 1,700 points on the first trading day of the week to close at the level of 46,145. Index closed the week at 46,601, gaining 4.9 percent where traded volume averaged at 477 million shares per day.
Pak Rupee showed recovery during the week and closed at a PKR/USD of 181.6 in the interbank on Friday. Country’s foreign exchange reserves, on the other hand, fell by $450 million last week owing to repayment of external debt.
Copyright Business Recorder, 2022
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