KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on October 28, 2022 as the investors opted to remain on the sideline due to uncertain political situation in the country.
The benchmark KSE-100 index plunged by 1,073.14 points on week-on-week basis and closed below 42,000 psychological-level at 41,140.34 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 6.4 percent to 213.78 million shares as compared to previous week’s average of 228.41 million shares while average daily traded value on ready counter stood at Rs 6.21 billion, down 0.8 percent.
BRIndex100 decreased by 152.06 points during this week to close at 4,080.99 points with average daily turnover of 168.686 million shares.
BRIndex30 declined by 983.44 points on week-on-week basis to close at 14,899.10 points with average daily trading volumes of 120.070 million shares.
The foreign investors however remained net buyers of shares worth $973,593. Total market capitalization declined by Rs 166 billion to Rs 6.673 trillion.
“Political uncertainty following the announcement of the long march kept the market under pressure during the week, which clouded Pakistan’s long-awaited exit from FATF’s grey list”, an analyst at AKD Securities said.
Sector-wise, the top performing sectors were sugar and allied industries (up 2.0 percent), textile weaving (up 1.8 percent) and vanaspati and allied industries (up 1.3 percent), while the least favourite sectors were Woollen (down 16.4 percent), close-end mutual funds (down 9.1 percent) and leather and tanneries (down 7.5 percent).
Stock-wise, top performers were FABL (up 10.3 percent), EFERT (up 3.2 percent), DAWH (up 2.5 percent), JVDC (up 2.2 percent) and AICL (up 2.1 percent), while laggards were BNWM (down 16.4 percent), YOUW (down 14.9 percent), TGL (down 14.0 percent), ANL (down 13.4 percent) and TRG (down 12.8 percent).
Flow wise, other organizations were the major buyers with net buy of $2.2 million, followed by Companies (net buy of $1.4million), while Mutual Funds were major sellers during the week, with a net sell of $3.3million. Individuals were the second highest sellers during the week, with a net sell of $2.4million.
An analyst at JS Global Capital said that the KSE-100 witnessed a negative trend throughout the week primarily driven by rising political temperature closing at 41,140 points down 2.5 percent on WoW.
Key underperformers were automobile (down 5.4 percent), cement (down 4.8 percent) and oil and gas (down 4.2 percent) sectors.
Copyright Business Recorder, 2022
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