KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing three day week ended on April 28, 2023 on the back of fresh buying in various sectors.
The benchmark KSE-100 index increased by 573.03 points on week-on-week basis and closed at 41,580.85 points. Trading activities also improved significantly as average daily volumes on ready counter increased by 98.0 percent to 208.03 million shares during this week as compared to 105.07 million shares traded during previous week while average daily traded value on ready counter increased by 90.7 percent to Rs 7.00 billion during this week against previous week’s Rs 3.67 billion.
BRIndex100 gained 26.27 points during this week to close at 4,217.06 points with average daily turnover of 187.912 million shares.
BRIndex30 inched up by 30.81 points on week-on-week basis to close at 14,939.95 points with average daily trading volumes of 126.021 million shares.
The foreign investors however remained net sellers of shares worth $14.175 million during this week. Total market capitalization increased by Rs 88 billion to Rs 6.289 trillion.
“In a week mired with political uncertainty, US has asked Pakistan to move ahead on stalled reforms by the IMF while, also promising technical help in worst economic times”, an analyst at AKD Securities said.
Furthermore, IMF is awaiting clarity on the cross fuel subsidy scheme since Pakistani authorities has not withdrawn the subsidy scheme. The KSE-100 index closed the week at 41,581 points, higher by 1.40 percent over the course of the week.
Sector-wise, the top performing sectors were vanaspati& allied industries (up 5.8 percent), tobacco (up 5.7 percent) and Inv banks (up 5.6 percent), while the least favourite sectors were close end mutual funds (down 8.8 percent), leasing companies (down 2.5 percent) and glass & ceramics (down 1.5 percent).
Stock-wise, top performers were POML (up 22.9 percent), SRVI (up 14.1 percent), DAWH (up 13.9 percent), UBL (up 11.3 percent) and MUREB (up 9.3 percent), while laggards were PGLC (down 7.7 percent), HGFA (down 5.6 percent), KAPCO (down 4.6 percent), BOP (down 4.4 percent) and PIBTL (down 4.4 percent).
Flow wise, Companies were the major buyers with net buy of $15.9 million, followed by individuals (net buy of $14.17 million), while mutual funds were major sellers during the week, with a net sell of $1.63 million.
An analyst at JS Global Capital said that the market sentiments improved during the week as Finance Minister assured that all prior conditions
of the IMF including financial guarantees from Saudi Arabia and UAE had been met. Consequently, KSE-100 index gained 573 points during the week to close at 41,581, up 1.4 percent WoW.
Sector wise, refinery (up 5.0 percent) and pharma sector (up 3.1 percent) remained top gainers whereas fertilizer was the key underperformer.
Copyright Business Recorder, 2023
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