KARACHI: Pakistan Stock Exchange remained under lot of stress during the outgoing week ended on December 23, 2022 mostly because of the political unrest and the hold-up in IMF negotiations in the face of deteriorating economic indicators, experts said.
The benchmark KSE-100 index plunged by 1632.28 points on week-on-week basis and closed below 40,000 psychological-level at 39,669.20 points.
Average daily trading volumes on ready counter increased by 11.3 percent to 180.21 million shares as compared to previous week’s average of 161.96 million shares while average daily traded value on ready counter increased by 8.0 percent to Rs 4.90 billion against previous week’s Rs 4.53 billion.
BRIndex100 decreased by 194.27 points during this week to close at 3,915.61 points with average daily turnover of 149.816 million shares.
BRIndex30 declined by 1042.13 points to close at 13,805.88 points with average daily trading volumes of 97.256 million shares.
Total market capitalization declined by Rs 239 billion during this week to Rs 6.325 trillion.
“The political turmoil in the country, along with the continuation of the currency crisis, have led to weakness in the market during the week,” an analyst at AKD Securities said.
To note, the KSE-100 index settled at 39,669 points at the end of the week, down by 1,632points or 4.0 percent over the week, with the index dipping below the 40,000 level since late July 2022.
The weakness in the index was accompanied by a meagre improvement in participation over the past week, with KSE-100 daily volumes averaging 180.2million shares during the week, compared to 161.9million shares in the earlier week.
Sector-wise, the top performing sectors were textile weaving (up 1.7 percent), Tobacco (up 1.4 percent) and Insurance (up 1.0 percent), while the least favourite sectors were leasing companies (down 14.3 percent), refineries (down 11.0 percent) and cable & electrical goods (down 9.7 percent).
Stock-wise, top performers were LOTCHEM (up 10.2 percent), AICL (up 5.2 percent), PSEL (up 3.4 percent), PPL (up 2.8 percent) and PAKT (up 1.6 percent), while laggards were PGLC (down 25.8 percent), PAEL (down 17.3 percent), TRG (down 17.0 percent), ANL (down 12.2 percent) and PIOC (down 11.4 percent).
Flow wise, Banks/DFIs were the major buyers with net buy of $7.9 million, followed by Companies (net buy of $5.0million). On the other hand, Brokers and Individuals were major sellers during the week, with a net sell of $3.8million and $3.8million, respectively. Foreign Investors were sellers of $3.3million during the period.
An analyst at JS Global Capital said that bears stormed the local bourse during the week closing in at 39,669 points, down 4.0 percent WoW. The index plunged by more than 1,958 points during the first three sessions.
The market was under a lot of stress mostly because of the political unrest and the hold-up in IMF negotiations in the face of deteriorating economic indicators.
Sector wise, Refinery (down 11.0 percent), Technology (down 8.7 percent), OMCs (down 6.1 percent) and Cements (down 5.2 percent) remained key underperformers.
Copyright Business Recorder, 2022
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