PSX remains stable

KARACHI: Pakistan Stock Exchange remained stable despite political noise persisted during the outgoing week ended on April 13, 2023.

The benchmark KSE-100 index increased by 155.89 points on week-on-week basis and closed at 40,205.54 points.

Trading activities however remained low as average daily volumes on ready counter decreased by 24.1 percent to 83.64 million shares during this week as compared to previous week’s average of 110.18 million shares while average daily traded value on ready counter declined by 27.6 percent to Rs 2.14 billion against previous week’s average of Rs 2.94 billion.

BRIndex100 gained 26.05 points during this week to close at 4,101.87 points with average daily turnover of 70.451 million shares.

BRIndex30 added 73.85 points on week-on-week basis to close at 14,678.75 points with average daily trading volumes of 51.248 million shares.

Total market capitalization increased by Rs 10 billion to Rs 6.103 trillion.

An analyst at AKD Securities said that individuals were the major buyers with net buy of $0.21million, while companies were major sellers during the week, with a net sell of $0.35million.

Sector-wise, the top performing sectors were commercial banks (up 1.3 percent), technology and communication (up 1.2 percent) and closed-end mutual funds (up 1.2 percent), while the least favourite sectors were vanaspati& allied industries (down 5.1 percent), textile weaving (down 4.9 percent) and tobacco (down 4.4 percent).

Stock-wise, top performers were FABL (up 7.0 percent), LOTCHEM (up 5.0 percent), KOHC (up 3.6 percent), SCBPL (up 3.4 percent) and MUGHAL (up 3.1 percent), while laggards were PSEL (down 10.3 percent), EPCL (down 7.1 percent), GLAXO (down 4.7 percent), AIRLINK (down 4.2 percent) and PAKT (down 3.9 percent).

An analyst at JS Global Capital said that political noise persisted during the week as National Assembly passed bill to curtail Chief Justice’s powers. The market, however, remained stable closing at 40,205 points, gaining 156 points WoW. Sector-wise, banking sector (up 1.3 percent) emerged as the top performer.

Copyright Business Recorder, 2023