KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on October 21, 2022 as the investors remained cautious and avoided taking fresh positions before announcement of FATF decision.
The outgoing week started on negative note however market recovered and closed in green zone with marginal gains.
The benchmark KSE-100 index increased by 264.98 points on week-on-week basis and crossed 42,000 psychological-level to close at 42,213.48 points.
Trading activities however remained low due to investor lack of interest as average daily volumes on ready counter decreased by 14.4 percent to 228.41 million shares as compared to previous week’s average of 266.91 million shares while average daily traded value on ready counter declined by 34.2 percent to Rs 6.26 billion against previous week’s Rs 9.50 billion.
BRIndex100 gained 10.89 points during this week to close at 4,233.05 points with average daily turnover of 184.692 million shares.
BRIndex30 closed at 15,882.54, down 70.68 points on week-on-week basis with average daily trading volumes of 119.548 million shares.
The foreign investors remained net sellers of shares and withdrew $3.435 million from Pakistan equity market. Total market capitalization increased by Rs 21 billion to Rs 6.839 trillion.
“In the outgoing week, focus remained on the current account position along with upcoming FATF plenary”, an analyst at AKD Securities said.
Sector-wise, top performing sectors were tobacco (up 11.9 percent), close-end mutual funds (up 8.0 percent), synthetic and rayon (up 5.1 percent), modarabas (up 3.0 percent) and Power Generation and Distribution (up 1.5 percent), while the least favourite sectors were woolen (down 7.9 percent), textile weaving (down 5.1 percent), sugar and allied industries (down 4.3 percent), Oil and Gas Marketing (down 3.3 percent) and automobile parts and accessories (down 2.5 percent).
Stock-wise, top performers in the KSE-100 were PAKT (up 11.9 percent), HGFA (up 10.7 percent), PGLC (up 8.9 percent), SNGP (up 8.4 percent) and AKBL (up 8.3 percent), while laggards were BNWM (down 7.9 percent), SHEL (down 4.4 percent), HCAR (down 4.1 percent), NRL (down 4.1 percent) and SRVI (down 3.7 percent).
Flow-wise, Foreigners were the largest sellers, offloading $3.4million followed by Banks and DFI (selling $ 1.5 million), mutual funds (selling $1.3 million), Companies (selling $0.4 million) and other organizations (selling $0.2 million), while individuals, brokers and insurance companies were on the buying side, with a net buy of $5.4 million, $0.9 million and $0.6 million respectively.
An analyst at JS Global Capital said that the week started on a negative note over US President’s remarks on the security of Pakistan’s nuclear weapons. The index however recovered during the week after US State department’s clarification dismissing rumours that were sparked by President Joe Biden’s impromptu comments about the nation’s nuclear program.
Among key performers were Tobacco (up 11.9 percent) and power (up 1.5 percent) sectors, while OMC sector (down 3.3 percent) stood out as the key under performer.
Copyright Business Recorder, 2022
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