KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on August 11, 2023 due to selling in various sectors.
The benchmark KSE-100 index lost 161.32 points on week-on-basis and closed at 48,424.40 points.
Trading activities remained low as average daily volumes on ready counter decreased by 30.1 percent to 344.16 million shares as compared to previous week’s average of 492.42 million shares while average daily traded value on ready counter declined by 16.6 percent to Rs 14.24 billion against previous week’s Rs 17.07 billion.
BRIndex100 inched down by 32.78 points during this week to close at 4,913.59 points with average daily turnover of 312.183 million shares.
BRIndex30 decreased by 408.22 points on week-on-week basis to close at 17,463.99 points with average daily trading volumes of 222.382 million shares.
The foreign investors however remained net buyers of shares worth $2.917 million. Total market capitalization declined by Rs 59 billion to Rs 7.231 trillion.
An analyst at AKD Securities said that the week began on a positive note facing volatilities as the week prolonged with the benchmark index settling at 48,424 points, reflecting a decrease of 0.33 percent WoW.
Major drivers during the week remained multimillion investment commitment by GCCs i.e., UAE and Saudi Arabia and the triumphant oversubscription of MTBs much higher than the anticipated pre-auction target.
Sector-wise, REFINERY declined by 11 percent, while INV. BANKS / INV. COS. / SECURITIES COS. gained 8.3 percent.
Company wise top performers were DAWH (up 19.9 percent), AICL (up 8.4 percent), FABL (up 5.7 percent), UBL (up 4.8 percent) and NATF (up 4.8 percent) whereas laggards included PSMC (down 9.9 percent), HCAR (down 10.3 percent), CNERGY (down 11.6 percent), SML (down 12.5 percent), SEARL (down 13.0 percent) and NRL (down 16.0 percent).
Flow-wise, major net selling was recorded by BANKS/DFIs with a net sell of $6.9 million. On the other hand, Insurance Companies absorbed all of the selling with a net buy of $6.4 million.
An analyst at JS Global Capital said that the week started on a dull note but investor optimism picked up as it progressed.
In the realm of news, potential postponement of elections added to investor apprehension.
Copyright Business Recorder, 2023
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