KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on January 21, 2022 due to selling in almost all sectors on investors concerns over increasing coronavirus cases and fear of lockdown in the country and increasing commodity prices in international market.
The benchmark KSE-100 index declined by 745.17 points on week-on-week basis and closed at 45,018.28 points. Trading activities remained very thin as average daily volumes declined by 43.4 percent to 201.18 million shares as compared to previous week’s average of 355.61 million shares. Average daily traded value on ready counter declined by 17.1 percent during this week and stood at Rs 7.43 billion.
BRIndex100 lost 119.84 points on week-on-week basis to close at 4,598.50 points with average daily turnover of 175.288 million shares.
BRIndex30 plunged by 1,519.01 points during this week to close at 17,744.68 points with average daily trading volumes of 128.087 million shares.
The foreign stood as net sellers with a sell-off of $2.0 million during this week, together with Companies and Mutual funds net sell of $10.3 million and $7.8 million respectively. On the other side of the scale, Individuals and Banks were the major buyers with a net buy of $12.3 million and $5.9 million respectively. Total market capitalization declined by Rs 114 billion to Rs 7.732 trillion.
Putting an end to six weeks streak of positive returns, the KSE-100 index closed at 45,018 points, down 1.63 percent on week-on-week basis as a sharp increase in oil prices (up 12.7 percent since the start of the month) due to geopolitical risks in the Middle East, and widening Credit Default Spread (CDS) on Pakistan’s Government bonds dented investor sentiments amid lack of triggers, an analyst at AKD Securities said.
During the week, activity shifted slightly to small-cap stocks from main-boards as indicated by KSE-100 to KSE-All volume compressing to average 75.0 percent compared to 82.3 percent in the previous week.
Sector-wise, within main-board, E&P sector stood as the top performer with a gain of 0.4 percent while the Techs (down 4.6 percent) stood as the major underperformer, whereas overall, REIT turned out to be top gainer with a return of 3.6 percent and Refineries as the top laggard with a negative return of 10.0 percent.
Stock wise, top gainers were KAPCO (up 8.4 percent), FCEPL (up 4.8 percent), DCR (up 3.6 percent), GSKCH (up 2.9 percent) and GADT (up 2.8 percent) while top laggards were TRG (down 18.6 percent), ANL (down 12.0 percent), Cnergy (down 11.0 percent), JDWS (down 10.4 percent) and ATRL (down 8.8 percent).
An analyst at JS Global Capital said that the market remained under pressure throughout the week witnessing the biggest decline on Thursday to close the week at 45,018 points, down by 1.6 percent.
Sector wise, Banks and Cements underperformed the market declining by 1.6 percent and 2.0 percent on week-on-week basis along with the chemical sector which also declined by 2.6 percent.
Largest selling was witnessed in the Oil and Gas Marketing Companies ($1.4 million) followed by the technology sector ($1.0 million) and the textile sector ($0.3 million).
Copyright Business Recorder, 2022
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