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KARACHI: Pakistan Stock Exchange witnessed bullish trend and hit historic highest ever levels during the outgoing week ended on November 08, 2024 due to aggressive buying mainly by local investors coupled with institutional support.

The benchmark KSE-100 index surged by massive 2,431.83 points on week-on-week basis and crossed historic 93,000 level for the first time in history to close at highest ever level of 93,291.68 points.

Trading activities also improved as average daily volumes on ready counter increased by 31.3 percent to 734.68 million shares during this week as compared to previous week’s average of 559.36 million shares while average daily traded value on the ready counter increased by 12.4 percent to Rs 29.66 billion during this week against previous week’s Rs 26.39 billion.

BRIndex100 soared by 263.21 points during this week to close at 9,957.36 points with average daily turnover of 627.054 million shares.

BRIndex30 increased by 1,609.77 points on week-on-week basis to close at 30,770.05 points with average daily trading volumes of 373.386 million shares.

The foreign investors however remained on the selling side and withdrew $4.654 million from the local equity market during this week. Total market capitalization increased by Rs 270 billion during this week to Rs 11.977 trillion.

An analyst at JS Global Capital said that the KSE-100 index remained bullish during the week, closing at 93,292, an increase of 2.7 percent WoW.

During the week, State Bank of Pakistan (SBP) announced a cut in policy rate by an additional 250bps, taking the rate to 15 percent. The decision was mainly influenced by the declining inflation trend. This marks the fourth consecutive rate cut in the ongoing monetary easing cycle bringing the cumulative reduction to 700bps from its peak of 22 percent.

This week, the market gained a boost as eight Pakistani companies were added to the MSCI Frontier Markets Small Cap Index, a move expected to attract global investors and accelerate foreign fund inflows.

An analyst at Arif Habib Corporation said throughout the week the market showcased stellar performance, taking the index level to an all-time high to 93,292 points.

This robust momentum was driven by the State Bank of Pakistan’s historic 250 bps policy rate cut, lowering the rate to 15 percent. Additionally, in the latest quarterly MSCI review, Pakistan’s weight in the MSCI index rose to 4.4 percent, making it the second most liquid market in the MSCI FM.

Further, the Government of Pakistan raised Rs 339 billion across various tenors through Ijarah Sukuk, with yields on FRR instruments declining by 43-104 bps.

Sector-wise positive contributions came from fertilizer (up 505 points), cement (up 404 points), power generation & distribution (up 376 points), oil & gas exploration companies (up 320 points) and automobile assembler (up 288 points). Meanwhile, the sectors that mainly contributed negatively were commercial banks (down 337 points), leather & tanneries (down 29 points), and tobacco (down 9 points).

Scrip-wise positive contributors were OGDC (up 311 points), HUBC (up 297 points), LUCK (up 236 points), ENGRO (up 236 points), and SYS (up 138 points). Meanwhile, scrip-wise negative contributions came from UBL (down 117 points), HBL (down 91 points), MCB (down 89 points), BAHL (down 54 points), and MEHT (down 34 points).

Foreigner selling was witnessed during this week, clocking in at $4.65 million compared to a net buy of $1.97 million last week. Major selling was witnessed in All other sectors ($2.3 million) followed by fertilizer ($2.2 million). On the local front, buying was reported by mutual funds ($22.0 million) followed by other organizations ($3.2 million).

Copyright Business Recorder, 2024

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