KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on Jan 15, on the back of healthy buying mainly by local investors and institutions.
BRIndex100 gained 24.96 points on week-on-week basis to close at 4,854.42 points. Average daily trading volumes stood at 615.704 million shares.
BRIndex30 increased by 333.57 points to close at 24,504.51 points with average daily turnover of 450.570 million shares.
KSE-100 index surged by 276.66 points on week-on-week basis and closed at 46,931.00 points. Trading activities slightly improved as average daily volumes on ready counter increased by 9.1 percent to 682.21 million shares as compared to previous week’s average of 625.12 million shares. Average daily trading value on the ready counter however declined by 15.8 percent and stood at Rs 20.68 billion.
The foreign investors remained net sellers of shares worth $2.1 million during this week. On the local side, individuals were the major buyer with inflow of $$24 million while mutual funds and insurance depicted an outflow of $8.5 million and $10.9 million, respectively. Total market capitalization declined by Rs 4 billion to Rs 8.307 trillion.
“Crossing the 46000 mark after 32 months, KSE-100 had a roller coaster ride this week as after remaining jittery at the start of week, market picked up momentum from second trading session of the week on the back of strong improvement being witnessed in economic indicators where LSM posted 14.5 percent growth in November 2020”, an analyst at AKD Securities said. However, towards the latter half, optimism dissipated and investors opted to book profits making KSE-100 close the week only 0.61 percent up, at 45,931 points.
Sector wise, engineering remained among the leaders on the back of impressive result expectations for the quarter while chemicals and OMCs also remained in green as increasing commodity prices are expected to lend support to profitability.
Top performers during the week were GATM (up 22.9 percent), INIL (up 16.8 percent), SYS (up 12.5 percent), APL (up 11.9 percent) and KAPCO (up 11.1 percent) whereas losers were GHGL (down 17.1 percent), PAKT (down 6 percent), BYCO (down 5.5 percent), PAEL (down 5.2 percent) and ILP (down 4.6 percent).
An analyst at JS Global Capital said bulls lost some steam as the KSE-100 closed at 45,931 levels, posting a gain of 277 points over the week. The Engineering and Power sectors led the weekly charts while the textile sector remained buoyant on news reports of positive developments awaiting ECC’s approval. In fact, it was mostly sideboard sectors that kept the index afloat during the week while index heavyweights underperformed the benchmark index.
Copyright Business Recorder, 2021
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