KARACHI: Pakistan Stock Exchange continued its bullish trend and hit historic highest ever levels during the outgoing week ended on November 15, 2024 on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 index surged by 1,471.96 points on week-on-week basis and crossed 94,000 historic-level to close at 94,763.64 points. During the session, the index crossed 95,000-level for the first time in its history, however closed at lower level due to profit taking in some stocks.
Trading activities also improved as average daily volumes on ready counter increased by 19.6 percent to 878.54 million shares during this week as compared to previous week’s average of 734.68 million shares while average daily traded value on the ready counter increased by 10.1 percent to Rs 32.66 billion during this week against previous week’s average of Rs 29.66 billion.
BRIndex100 soared by 128.21 points during this week to close at 10,085.57 points with average daily turnover of 730.837 million shares.
BRIndex30 increased by 400.17 points on week-on-week basis to close at 31,170.22 points with average daily trading volumes of 452.491 million shares.
The foreign investors however remained on the selling side and withdrew $10.556 million from the local equity market during this week. Total market capitalization increased by Rs 229 billion during this week to Rs 12.206 trillion.
An analyst at AKD Securities said that the market maintained its bullish momentum throughout the week, with the KSE-100 index closing at a record high of 94,763 points, marking a 1.6 percent WoW increase, achieving its highest-ever closing.
The bullish momentum continued on the back of accelerated pace of monetary easing by SBP and IMF’s visit with a focus on structural reforms.
Sector-wise, Transport, Woollen, Pharmaceuticals, Vanaspati & Allied Industries and Glass & Ceramics were amongst the top performers, up 14.6 percent/11.8 percent/9.4 percent/8.2 percent/6.5 percent WoW. On the other hand, Jute, Mutual Funds, Automobile Assembler, Fertilizer and Engineering were amongst the worst performers with a decline of 9.6 percent/3.3 percent/1.9 percent/1.6/0.3 percent WoW.
Flow wise, major net selling was recorded by companies with a net sell of $11.0 million. On the other hand, Mutual Funds absorbed most of the selling with a net buy of $13.9million.
Company-wise, top performers during the week were Searl (up 17.6 percent), EFUG (up 17.2 percent), BNWN (up 15.4 percent), TRG (up 14.7 percent) and ABOT (up 12.6 percent), while top laggards were FCEPL (down 9.7 percent), THALL (down 6.0 percent), MLCF (down 5.3 percent), MUGHAL (down 4.9 percent) and KOSM (down 4.1 percent).
An analyst at JS Global Capital said that the KSE-100 index remained bullish during the week, closing at 94,763, an increase of 1.6 percent.
During the week, a delegation from the IMF visited Pakistan to review the country’s economic performance during the first quarter of FY25.
Positive momentum at PSX was boosted after Federal Board of Revenue (FBR)’s assurance to the IMF that the Rs12.9trillion revenue target for FY25 would be upheld.
The market sentiment also strengthened following reports that there would be no mini-budget or new tax measures, and that no sales tax would be levied on petroleum products.
Copyright Business Recorder, 2024
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