KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on September 09, 2022 as damage assessment of floods and recent round of Rupee devaluation led to profit taking, experts said.
The benchmark KSE-100 index declined by 360.95 points on week-on-week basis and closed below 42,000 psychological-level at 41,948.16 points.
Trading activities remained low as average daily volumes on ready counter decreased by 34.5 percent to 138.47 million shares as compared to previous week’s average of 211.30 million shares while average daily traded value on ready counter declined by 33.1 percent to Rs 4.61 billion.
BRIndex100 lost 44.49 points during this week to close at 4,196.44 points with average daily turnover of 110.438 million shares.
BRIndex30 decreased by 204.23 points on week-on-week basis to close at 15,221.67 points with average daily trading volumes of 71.744 million shares.
Total market capitalization declined by Rs 62 billion to Rs 6.961 trillion.
An analyst at AKD Securities said that performance of equity indices remained dull during the week where investor participation remained subdued.
Despite IMF’s approval for a loan of $1.2 billion, market remained lacklustre, amid devastating impact of floods and political noise. Furthermore, news related hike in gas tariffs also dampened investor’s sentiment.
Sector-wise, top performing sectors were textile weaving (up 2.5 percent), tobacco (up 2.2 percent), synthetic and rayon (up 2.2 percent), transport (up 2.1 percent) and miscellaneous (up 1.1 percent), while the least favourite sectors were automobiles parts and accessories (down 3.5 percent), leather and tanneries (down 3.5 percent), close-end mutual fund (down 3.3 percent), power generation and distribution (down 2.5 percent) and modarabas (down 2.2 percent).
Stock-wise, top performers in the KSE-100 were CHCC (up 7.4 percent), TRG (up 4.7 percent), HCAR (up 4.6 percent), LOTCHEM (up 4.4 percent) and IBFL (up 4.3 percent), while laggards were NATF (down 8.2 percent), FHAM (down 7.6 percent), FCEPL (down 5.6 percent), BOP (down 5.5 percent) and THALL (down 4.7 percent).
To five volume leaders for the week were HASCOL (78.0 million shares), PRL (35.5 million shares), WTL (31.6 million shares), TRG (24.0 million shares) and MLCF (23.5 million shares).
Flow-wise, mutual funds were the largest sellers, offloading $6.12 million followed by Brokers ($0.23 million). While Companies and Banks were major buyers, with a net buy of $3.23 million and $2.6 million respectively. Insurance, NBFC, Other organizations, and individual were buyers with $0.7 million, $0.16 million, $2.18 million and $0.31 million, respectively.
An analyst at JS Global Capital said that Pakistan equities closed the week on a negative note at 41,948, down 361points. Damage assessment of floods and recent round of Rupee devaluation (4 percent on WoW) led to profit taking this week.
The week started with initial assessment of damages which suggested losses between $10billion to $18billion with 80 percent of cotton crop in Sindh and 25 percent of the total country’s cotton crop wiped off. It is estimated that Pakistan would need to import around 2.5million bales of cotton to meet the country’s demand.
Key underperformers were Autos (down 3 percent), power (down 3 percent), and refinery (down 2 percent) while textile weaving (up 3 percent), tobacco (up 2 percent) and OMC (up 1 percent) outperformed the benchmark.
Copyright Business Recorder, 2022
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