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KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on February 11, 2022. The positivity in the market was on the back of better than expected corporate results however on the other hand the investors remained cautious and opted to book profit due to increasing commodity prices in the international market.

The benchmark KSE-100 index closed above 46,000 psychological level at 46,079.37 points, up 169.72 points on week-on-week basis. Trading activities remained low due to investors’ lack of confidence as average daily volumes on ready counter decreased by 28.2 percent to 207.44 million shares as compared to previous week’s average of 289.10 million shares. Average daily traded value on the ready counter declined by 16.8 percent and stood at Rs 8.06 billion.

BRIndex100 lost 14.97 points on week-on-week basis to close at 4,712.37 points with average daily turnover of 177.119 million shares.

BRIndex30 decreased by 318.06 points during this week to close at 18,093.02 points with average daily trading volumes of 115.675 million shares.

The foreign investors were net sellers of shares worth $5.9 million during this week, while Mutual Funds also offloaded holdings worth $4.53 million. On the other side of the scale, Other Organizations and Individuals were the major buyers with a net buy of $11.13 million and $3.09 million, respectively. Total market capitalization increased by Rs 24 billion to Rs 7.875 trillion.

An analyst at AKD Securities said that stock market remained volatile during the outgoing week where the week started off on a positive note on the back of resumption of IMF program while another thing which kept the index up was investors switching towards defensive stocks. However towards the later end of the week, investors took notice of commodity prices, including oil, touching record highs hence pressure was witnessed across the board. Additionally profit taking was witnessed after index posted 4 consecutive positive sessions.

Among sectors, Automobile Sector (up 4.2 percent) remained among the outperformers as currency remained stable while sales volume continues to impress. Power generation (up 2.9 percent) and Fertilizer (up 1.2 percent) sector also outperformed the index as investors went for good dividend yields. Cement stood on the other hand with a decline of 1.4 percent as coal prices continue their upward march on the back of increased demand for coal based power generation globally.

Stock wise, top gainers were SML (up 15.1 percent), EPCL (up 7.8 percent), DAWH (up 7.7 percent), INDU (up 7.1 percent) and SHFA (up 7.0 percent) while top laggards were PAEL (down 13.5 percent), AICL (down 12.0 percent), KAPCO (down 11.1 percent), SHEL (down 6.3 percent) and AVN (down 6.0 percent).

An analyst at JS Global Capital said that the week started on a dim note as six new conditions by the IMF surfaced in its detailed report on Pakistan. However, market shrugged it off and picked up momentum as companies posted better financial results for the outgoing quarter along with good dividend payouts.

Largest selling was witnessed in the Technology Sector ($3.2 million) followed by the Banking Sector ($1.4 million) and the Cement Sector ($0.4 million).

Copyright Business Recorder, 2022

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