KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on March 10, 2023 on expectations of government’s staff level agreement with IMF soon.
The benchmark KSE-100 index increased by 456.87 points on week-on-week basis and closed at 41,793.87 points.
Trading activities also improved as average daily volumes on ready counter increased by 31.0 percent to 209.27 million shares during this week as compared to previous week’s average of 159.76 million shares however average daily traded value on ready counter declined by 9.4 percent to Rs 6.63 billion against previous week’s average of Rs 7.31 billion.
BRIndex100 gained 93.12 points during this week to close at 4,193.70 points with average daily turnover of 184.332 million shares.
BRIndex30 surged by 505.68 points on week-on-week basis and 15,000 psychological level to close at 15,011.67 points with average daily trading volumes of 136.109 million shares.
Total market capitalization increased by Rs 27 billion during this week to Rs 6.383 trillion.
An analyst at JS Global Capital said that the KSE-100 index saw a steady week closing at 41,794 points, up 1.1 percent on WoW basis as the government nears a staff level agreement with IMF.
Sector-wise, Cements remained key outperformers whereas Banks, E&P and Food sectors underperformed the market.
Foreigners turned net sellers with the highest share of selling coming from Banks.
An analyst at Arif Habib Limited said that the market commenced on a positive note this week, with investors anticipating positive news on signing of SLA with the IMF. In addition to this, the loan from ICBC (Chinese Bank) further fuelled the positive momentum. Furthermore, the Finance Minister informed that government will reach staff level agreement with the IMF for the 9th tranche of the Extended Fund Facility in the coming few days, which kept the investor sentiment bullish. Furthermore, the SBP reserves climbed up by $487million to $4.3billion, due to the disbursement of a commercial loan from China.
Sector-wise positive contributions came from cement (up 200 points), technology (up 93 points), power 2 points), banks (up 89 points) and engineering (up 37 points). Whereas, the sectors which contributed negatively were miscellaneous (down 161points), Insurance (down 14 points) and chemical (down 11points).
Scrip-wise positive contributors were HUBC (up 89points), HBL (up 72points), LUCK (up 50points), SYS (up 48points) and PPL (up 36points). Meanwhile, scrip-wise negative contribution came from PSEL (down 164points), POL (down 29points), ENGRO (down 25points), UBL (down 14points) and NBP (down 14points).
Foreigners selling were observed during this week, clocking in at $2.9 million versus a net buy of $0.3 million last week. Major selling was witnessed in Commercial bank ($2.6 million) and all other sectors ($1.2 million). On the local front, buying was reported by Companies ($10.5million) followed by banks/DFIs ($1.3 million).
Copyright Business Recorder, 2023
Comments
Comments are closed.