KARACHI: Pakistan Stock Exchange witnessed bullish trend and closed on positive note with healthy gains during the outgoing week ended on December 27, 2024 on the back of fresh buying on available attractive low levels.
The benchmark KSE-100 index surged by 1,838.03 points on week-on-week basis and closed at 111,351.18 points.
Trading activities however remained low as average daily volumes on ready counter decreased by 30.9 percent to 795.59 million shares during this week as compared to previous week’s average of 1,151.57 million shares while average daily traded value on the ready counter declined by 25.0 percent to Rs 42.88 billion during this week against previous week’s Rs 57.16 billion.
BRIndex100 soared by 262.00 points during this week to close at 11,988.51 points with average daily turnover of 692.588 million shares.
BRIndex30 increased by 779.07 points on week-on-week basis to close at 37,155.71 points with average daily trading volumes of 463.045 million shares.
The foreign investors however remained on the selling side and withdrew $6.789 million from local equity market during this week. Total market capitalization increased by Rs 168 billion during this week to Rs 14.126 trillion.
An analyst at AKD Securities said that the market experienced volatility throughout the week, driven by portfolio adjustments and realignments at year-end. However, the bullish momentum prevailed, leading KSE-100 index to a weekly gain of 1,838 points, closing at 111,351points, reflecting an increase of 1.68 percent WoW.
Major contributing sectors to this rally were commercial banks, contributing 780 points, followed by oil & gas marketing companies with 336 points and INV. Banks/INV.Cos/ Securities cos, which added 313points.
Moreover, T-bill yields in the recent auction remained largely flat, clocking in at 12 percent for the 3 months and 6 months paper.
Sector-wise, Jute, Leasing Companies, Property, Oil & Gas Marketing Companies and Glass and Ceramics were amongst the top performers, up 34.8 percent/28.1 percent/8.8 percent/6.9 percent/6.9 percent WoW. On the other hand, exchange traded fund, textile spinning, vanaspati & allied industries, transport and Woollen were amongst the worst performers with a decline of 12.2 percent/8.4 percent/6.2 percent/5.2 percent /5.2 percent WoW, respectively.
Flow wise, major net selling was recorded by Other Organizations with a net sell of $9.3million. On the other hand, Individuals absorbed most of the selling with a net buy of $15.0million.
Company-wise, top performers during the week were PGLC (up 46.5 percent), TRG (up 32.3 percent), DAWH (up 13.2 percent), JVDC (up 13.2 percent) and FCEPL (up 11.5 percent), while top laggards were PKGP (down 9.5 percent), CHCC (down 6.8 percent), ATRL (down 6.0 percent), BNWM (down 5.2 percent) and SCBPL (down 5.1 percent).
An analyst at JS Global Capital said that the KSE-100 index experienced a bumpy ride during the week, closing positive with a gain of 1.7 percent WoW.
The week commenced in green, followed by two corrective sessions and finally closing on a positive note on Friday. Local selling continued throughout the week mainly by mutual funds.
During the week, the government raised Rs827billion through the T-bill auction, where yields remained flat compared to previous cut-offs. Notably, the government is in the process of presenting the tax law amendment bill, aiming for stricter measures for non-filers to improve tax collection.
Copyright Business Recorder, 2024
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