KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing 4-day week ended on September 28, 2023 as the investors remained cautious and avoided to taking fresh positions.
The benchmark KSE-100 index declined by 188.56 points on week-on-week basis and closed at 46,232.59 points.
Trading activities however improved as average daily volumes on ready counter increased by 45.6 percent to 202.46 million shares during this week as compared to previous week’s average of 139.01 million shares while average daily traded value on ready counter increased by 43.9 percent to Rs 6.52 billion during this week against previous week’s Rs 4.53 billion.
BRIndex100 lost 28.58 points during this week to close at 4,626.27 points with average daily turnover of 180.002 million shares.
BRIndex30 decreased by 53.95 points on week-on-week basis to close at 16,569.18 points with average daily trading volumes of 103.377 million shares.
The foreign investors however remained net buyers of shares worth $190,595.Total market capitalization declined by Rs 12 billion during this week to Rs 6.885 trillion.
An analyst at AKD Securities said that the market remained lacklustre throughout the week, moving within a narrow range of 413 points. Despite the visit of the Caretaker Prime Minister to the UN, no significant positive developments or outcomes were observed.
On the macroeconomic front, the federal government is intensifying its efforts to reduce spending following a recommendation from the World Bank, aiming to simultaneously increase revenues.
Sector-wise, Transport, Tobacco, and Paper & Board were amongst the top performers, up 7.7 percent/6.5 percent/5.1 percent respectively. On the other hand, vanaspati and allied industries, Technology and Textile were amongst the worst performers with a decline of 5.1 percent/3.8 percent/2.3 percent.
Flow-wise, major net selling was recorded by Banks with net selling of $6.3million. On the other hand, Individuals and companies absorbed most of the selling with a net buy of $3.7million and $1.4million, respectively.
Company-wise, top performers during the week were EFUG (up 16.8 percent), PGLC (up 16.3 percent), CEPB (up 9.4 percent), NRL (up 7.7 percent) and PAKT (up 7.4 percent), while top laggards were POL (down 11.2 percent), GADT (down 9.2 percent), SYS (down 7.7 percent), FFBL (down 6.2 percent) and HBL (down 6.1 percent).
An analyst at JS Global Capital said that the KSE-100 index had a bearish start to the week and ended at 46,232, losing 188 points WoW.
The Rupee continued to display a persistent uptrend, concluding the trading week at Rs289 in the open market, resulting in a 2.1 percent WoW gain. This positive performance is on back of efforts by the SBP which implemented measures to oversee the forex market and enforce regulations against unauthorized currency operators.
Copyright Business Recorder, 2023
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