KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on December 24, however managed to close on positive note on week-on-week basis due to fresh buying in some stocks.
The benchmark KSE-100 index increased by 217.71 points on week-on-week basis and closed at 44,118.39 points.
Trading activities remained thin as average daily volumes on ready counter decreased by 18.7 percent to 215.43 million shares as compared to previous week’s average of 265.02 million shares. Average daily traded value on futures counter declined by 4.5 percent to stand at Rs 8.00 billion.
BRIndex100 gained 32.35 points on week-on-week basis to close at 4,541.20 points. Average daily trading volumes stood at 170.969 million shares.
BRIndex30 surged by 590.5 points on week-on-week basis to close at 19,091.80 points with average daily turnover of 118.982 million shares.
The foreigner investors continued turned net buyers with an inflow of $3.677 million, cushioning the sell-off by Mutual Funds ($3.6 million) and Individuals ($2.6 million). Total market capitalization increased by Rs 40 billion to Rs 7.559 trillion.
An analyst at AKD Securities said that the market remained flat throughout the week, gaining 0.5 percent on week-on-week basis to close in at 44,118 points level.
This took the cumulative performance throughout CY21 to 0.8 percent whereas the dollar adjusted return currently stands at negative 9 percent.
The performance during the week was dictated by the news-flows related to possible resumption of the dormant IMF program, the pre-conditions related to the program and the law making the country needs to do in order to unlock the flows.
Top performers of the market included BNWM (up 20.4 percent), HCAR (up 14.8 percent), TRG (up 11.0 percent), PSX (up 9.3 percent) and ABOT (up 7.2 percent).
Meanwhile laggards included ARPL (down 15.1 percent), SFL (down 13.1 percent), GATI (down 12.9 percent), COLG (down 11.0 percent) and JDWS (down 7.4 percent).
In terms of the top performing sectors, Power generation (news of payment of outstanding dues) was the top performer, returning 4 percent, followed by Pharmaceutical sector (news of revision in drug prices) which returned 3.7 percent and Textile spinners (soaring yarn margins) which returned 3 percent.
An analyst at JS Global Capital said that the KSE-100 Index managed to close at 44,118 levels, having gained 0.5 percent on week-on-week basis.
The week started on a positive note as market gained confidence over drop in yields in the secondary market due to SBP’s announcement of liquidity injection through OMOs for 63 days. Nonetheless, concerns over macroeconomic indicators, issue of gas shortages and delays in mini-budget tempted investors to
book gains during the week.
Copyright Business Recorder, 2021
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