KARACHI: Pakistan Stock Exchange (PSX) witnessed a bullish trend during the outgoing week ended on May 05, 2023 on back of fresh buying in various sectors.
The benchmark KSE-100 index surged by 661.13 points or 2.0 percent on week-on-week (WoW) basis and crossed the psychological level of 42,000 to close at 42,241.98 points.
Trading activities also improved as average daily volumes on ready counter increased by 13.4 percent to 235.82 million shares during this week as compared to previous week’s average of 208.03 million shares while average daily traded value on the ready counter increased by 13.2 percent to Rs 7.93 billion during this week against previous week’s Rs 7 billion.
BRIndex100 gained 76.82 points during this week to close at 4,293.88 points with average daily turnover of 205.148 million shares.
BRIndex30 increased by 121.65 points on week-on-week basis and crossed the level of 15,000 to close at 15,061.60 points with average daily trading volumes of 134.017 million shares.
Total market capitalization increased by Rs 67 billion during this week to Rs 6.356 trillion.
An analyst at AKD Securities said that the market remained green throughout the week, as buyback announcements from LUCK and HBL’s sponsors boosted investor’s confidence.
Sector-wise, Synthetic & Rayon, Woollen, and Leasing Companies were amongst the top performers, up 6.8 percent/ 6.4 percent/ 6.2 percent WoW, respectively. On the other hand, Fertilizer, Property, and Refinery were amongst the worst performers with a decline of 3.9 percent/ 3.7 percent/ 2.7 percent WoW.
Flow wise, major net selling was recorded by Foreigners with a net sell of $6.1million. On the other hand, Individual absorbed most of the selling with a net buy of $8.0million.
Company-wise, top performers during the week were PGLC (up 32.8 percent), IBFL (up 23.0 percent), PKGS (up 18.7 percent), UPFL (up 14.7 percent) and LUCK (up 13.5 percent), while top laggards were ENGRO (down 12.1 percent), DAWH (down 11.3 percent), PAKT (down 8.1 percent), JVDC (down 8.0 percent) and JDWS (down 7.8 percent).
An analyst at JS Global Capital said that the KSE-100 index maintained its upward momentum this week following the ongoing dialogue between the government and opposition regarding election date.
Sector-wise, the Food (up 8.0 percent WoW) and Cement (up 6.6 percent WoW) sectors stood out as key out performers while Refinery (down 4.0 percent WoW) and Fertilizers (down 3.4 percent WoW) remained key under performers.
Foreigners remained net sellers ($6.1million) with highest selling witnessed in the Food Sector ($8.5million).
Copyright Business Recorder, 2023
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