KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on September 08, 202 on the back of fresh buying on low levels.
The benchmark KSE-100 index surged by 700.83 points on week-on-week basis and crossed 46,000 psychological-level to close at 46,013.49 points.
Trading activities however remained low as average daily volumes on ready counter decreased by 30.7 percent to 145.77 million shares during this week as compared to previous week’s average of 210.29 million shares while average daily traded value on ready counter declined by 35.5 percent to Rs 5.22 billion during this week against previous week’s Rs 8.10 billion.
BRIndex100 added 84.29 points during this week to close at 4,608.35 points with average daily turnover of 128.872 million shares.
BRIndex30 increased by 435.55 points on week-on-week basis and crossed 16,000 level to close at 16,266.84 points with total daily trading volumes of 78.319 million shares.
The foreign investors also remained net buyers of shares worth $634,300.Total market capitalization increased by Rs 70 billion to Rs 6.832 trillion.
An analyst at AKD Securities said that the market remained range-bound over the week, with KSE-100 marginally fluctuating in the slim range of 654points. Where the fear of interest rate hike due to the increase in the T-bills auction yields by 162-213bps held on September 7th versus last auction (3M yields: 24.5 percent), kept the market’s weekly activity in check.
However, positive developments over SIFC and the caretaker prime minister’s announcement of total expected inflows of $50billion from UAE and Saudi Arabia expected to materialize in the next 4-5 years have added a substantial layer of positivity to this multifaceted narrative.
Sector-wise, Close-End Mutual Fund was the worst performer with a 3.21 percent WoW decline, while Transport, Automobile Parts & Accessories & Inv. banks/securities cos were amongst the top performers, up 8.22 percent/ 6.01 percent/5.79 percent WoW, respectively.
Flow-wise, major net selling was recorded by Mutual Funds with a net sell of $2.4million. On the other hand, Individuals absorbed the selling with a net buy of $3.6million.
Company-wise top performers were GADT (up 11.4 percent), DAWH (up 10.9 percent), ILP (up 9.5 percent), THALL (up 8.8 percent) and KAPCO (up 8.2 percent), while the laggards included JWDS (down 6.7 percent), ARPL (down 6.6 percent), BAHL (down 4.5 percent), EFUG (down 4.5 percent) and INDU (down 4.3 percent).
An analyst at JS Global Capital said that the week began on a positive note thanks to the release of August CPI inflation figures last Friday evening, which showed a YoY increase of 27.4 percent, coming in below the market consensus.
During the week, Rupee strengthened to Rs305 in the open market, gaining 9.0 percent WoW.
Copyright Business Recorder, 2023
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