KARACHI: Pakistan Stock Exchange (PSX) remained under pressure during the outgoing week ended on July 09, due to selling in various sectors.
BRIndex100 closed at 5,182.72 points, down 1.18 points on week-on-week basis. Average daily trading volumes stood at 401.387 million shares.
BRIndex30 decreased by 261.21 points during this week to close at 26,844.64 points with average daily turnover of 235.211 million shares.
KSE-100 index declined by 122.73 points on week-on-week basis and closed at 47,563.45 points. Trading activities remained low as average daily volumes on ready counter decreased by 21.9 percent to 485.86 million shares as compared to previous week's average of 621.88 million shares. Average daily traded value stood at Rs 16.93 billion, slightly up by 0.2 percent.
Total market capitalization declined by Rs 45 billion to Rs 8.315 trillion.
An analyst at AKD Securities said weak sentiment from last week coupled with geopolitical tensions in the region and uncertainty over talks with IMF continued to derail investor confidence during the week apart from Thursday's session which saw massive buying from Mutual Funds in tune of $12.7 million, helping the KSE-100 index to break the losing streak. The index, however, could not sustain that level and closed in red in the following session by cumulatively losing 123 points, down 0.26 percent on WoW to close at 47,563 points.
First, the political uncertainty at the border post US-withdrawal from Afghanistan is creating a vacuum in a high foreign stake region while uncertainty over IMF stance on structural reforms regarding tax and energy sector continues to play on investors' mind. In light of increase in Covid-19 delta variant and poor compliance of SOPs, NCOC has hinted towards a possible partial lockdown in the cities, further putting the investors on their toes.
Top performers of the market included AGP (up 9.8 percent), SCBPL (up 9.0 percent), GATI (up 7.0 percent), HBL (up 4.1 percent) and HCAR (up 4.0 percent). Meanwhile laggards included PAKT (down 13.5 percent), HMM (down 11.7 percent), KAPCO (down 10.4 percent), STJT (down 7.1 percent) and ANL (down 7.0 percent).
Flow wise, Companies remained the major buyers with (net buy of $4.14 million) followed by Mutual Funds (net buy of $3.91 million) while Broker Proprietary Trading stood on the other side with (net sell of $4.01 million) followed by Insurance Companies (net sell of $2.79 million).
An analyst at JS Global Capital said that the KSE-100 closed the week flat at 47,563 level, shedding just 123 points over last Friday's closing. Overall activity on the bourse remained damp during the week as average traded volumes declined by 22 percent on WoW.
Auto manufacturers across the board have slashed car prices to pass on the impact of the FED reductions. In light of the rising international commodity prices, local players increased prices of rebars. Similarly, prices of DAP were also increased domestically to pass on the international surge in prices.
Copyright Business Recorder, 2021
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