KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on February 26, due to selling in various sectors.
BRIndex-100 lost 32.72 points on week-on-week basis to close at 4,942.10 points. Average daily trading volumes stood at 521.128 million shares.
BRIndex-100 decreased by 321.91 points to close at 25,468.52 points with average daily turnover of 339.689 million shares.
KSE-100 index declined by 362.63 points on week-on-week basis and closed at 45,865.02 points. Average daily trading volumes on ready counter decreased by 1 percent to 589.35 million shares as compared to previous week’s volume 595.02 million shares. Average daily trading value fell by 0.3 percent to Rs 25.27 billion.
The foreign investors turned net buyers, with a net buy of $0.28 million, together with brokers (net sell: $10.73 million) which was mainly absorbed by Insurance (net buy: $4.72 million) and Individuals (net buy: $6.66 million). Total market capitalization declined by Rs 109 billion to Rs 8.207 trillion.
An analyst at AKD Securities said that the equities continue to remain volatile in the outgoing week, with the KSE-100 index closing at 45,865 points, down 0.8 percent on week-on-week basis.
Expectations surrounding FATF announcement, month-end phenomena, international markets’ performance (10y US treasury yield at one year high level of 1.6 percent on account of stimulus while unnerving equity investors), and possible improvement in diplomatic relations with India, defined market sentiments in the outgoing week. February 2021 FATF statement is encouraging in our view with Pakistan in compliance with 24 out of 27 action items.
Within major sectors, only Cements achieved positive return, up 2.2 percent while OMCs and E&Ps were the major losers, down 4.0 percent and 2.8 percent respectively.
Amongst other sectors, Automobile Parts and Refineries closed the week with a gain of 8.8 percent and 2.8 percent respectively while Glass and Ceramics was down 16.7 percent.
Within individual stocks, top performers include BNWM (up 8.9 percent), ILP (up 7.5 percent), LUCK (up 6.4 percent), DCR (up 4.9 percent) and FML (up 4.5 percent), while laggards were GATI (down 11.3 percent), NBP (down 8.9 percent), NML (down 8.3 percent), FFBL (down 8.3 percent), and HASCOL (down 8.0 percent).
An analyst at JS Global Capital said that the market remained on the back foot for most of the week, finally ending down on 45,865 levels (down 0.8 percent).
A correction was on the cards, given the week coincided with the futures’ rollover. Nonetheless, activity retained its buoyance of recent weeks, relatively unchanged at an average of 589 million shares per day this week, with impetus from the quick flow of incoming corporate results. ENDs.
Copyright Business Recorder, 2021
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