KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on May 19, 2023 due to investor concerns over prevailing economic and political situation in the country.
The benchmark KSE-100 index gained 111.61 points on week-on-week basis and closed at 41,599.19 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 2.2 percent to 130.53 million shares during this week as compared to previous week’s average of 133.52 million shares while average daily traded value on ready counter slightly increased by 1.0 percent to Rs 4.08 billion during this week against previous week’s Rs 4.04 billion.
BRIndex100 lost 13.57 points during this week to close at 4,181.42 points with average daily turnover of 114.280 million shares.
BRIndex30 decreased by 129.48 points on week-on-week basis to close at 14,391.70 points with average daily trading volumes of 76.337 million shares.
The foreign investors remained net buyers of shares worth $591,365 during this week. Total market capitalization increased by Rs 51 billion to Rs 6.263 trillion.
An analyst at AKD Securities said that the market remained volatile throughout the week. The week started off on a positive note, as the unrest in the country seemed to have subsided after the release of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan. While as the week progressed, news that Pakistan was planning to abandon the IMF’s 9th review created uncertainty in the market, leading to two negative sessions during the week.
Sector-wise, Exchange Traded Funds, Miscellaneous, and Tobacco were amongst the top performers, up 46.6 percent/10.5 percent/6.4 percent WoW, respectively. On the other hand, Close-end Mutual Fund, Woollen, and Leasing Companies were amongst the worst performers with a decline of 7.0 percent/6.6 percent/4.6 percent WoW.
Flow wise, major net selling was recorded by Mutual Funds with a net sell of $1.5million. On the other hand, Insurance companies absorbed most of the selling with a net buy of $4.0million.
Company-wise, top performers during the week were PSEL (up 21.8 percent), AIRLINK (up 16.1 percent), SRVI (up 14.2 percent), NESTLE (up 10.6 percent) and LOTCHEM (up 9.4 percent), while top laggards were PGLC (down 12.3 percent), BNWM (down 6.6 percent), PIOC (down 4.4 percent), BAHL (down 4.4 percent) and TRG (down 3.9 percent).
“After a positive start, the KSE-100 Index succumbed to bears in the second half of the week where the initial gains were wiped out in the later days with developments on the political and the macro landscape”, an analyst at JS Global Capital said.
With slight decline in trading volumes as compared to last week, value traded remained similar to previous week’s levels. Investor wise trading activity showed Individuals and Companies absorbing the net selling reported by Insurance companies and Mutual Funds segments.
Copyright Business Recorder, 2023
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