KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on June 02, 2023 due to fresh buying on available attractive low levels in some stocks.
The benchmark KSE-100 index increased by 388.45 points on week-on-week basis and closed at 41,352.99 points.
Trading activities also improved as average daily volumes on ready counter increased by 53.2 percent to 180.33 million shares during this week as compared to previous week’s average of 117.73 million shares while average daily traded value on ready counter increased by 34.9 percent to Rs 5.04 billion during this week against previous week’s Rs 3.73 billion.
BRIndex100 gained 37.68 points during this week to close at 4,132.19 points with average daily turnover of 156.872 million shares.
BRIndex30 surged by 231.05 points on week-on-week basis and crossed 14,000 level to close at 14,064.61 points with average daily trading volumes of 120.011 million shares.
The foreign investors were net buyers of shares worth $3.630 million during this week. Total market capitalization increased by Rs 65 billion during this week to Rs 6.276 trillion.
“In a week that saw positive movement in the first two days, the market witnessed bearish momentum come Wednesday, while recovering at the week-end to close the week on an overall positive note”, an analyst at AKD Securities said.
Sector-wise, Synthetic & Rayon, Close-end Mutual Fund, and Sugar and Allied Industries were amongst the top performers, up 10.1 percent/9.3 percent/6.6 percent WoW respectively. On the other hand, Textile Weaving, Property, and Food & Personal care products were amongst the worst performers with a decline of 4.8 percent/4.4 percent/1.3 percent.
Flow-wise, major net selling was recorded by Mutual Funds with a net sell of $3.19million. On the other hand, Brokers absorbed most of the selling with a net buy of $1.93million.
Company-wise, top performers during the week were CEPB (up 17.9 percent), INIL (up 13.7 percent), HGFA (up 13.6 percent), DGKC (up 12.8 percent) and PIBTL (up 9.3 percent), while top laggards were GATM (down 9.9 percent), JVDC (down 6.8 percent), UPFL (down 5.8 percent), HMB (down 5.1 percent) and FHAM (down 4.9 percent).
An analyst at JS Global Capital said that the KSE-100 index started the week on a positive note followed by partial correction settling in at 41,353 points, up 0.9 percent WoW.
Sector-wise, Cements (up 3.8 percent) and Engineering (up 3.2 percent) was the major out performers while Pharma (down 1.3 percent) and Power (down 0.7 percent) were key under performers.
Foreigners turned net buyers this week with net buying of $3.6million with the highest buying witnessed in the Food Sector while major selling was witnessed in the Tech sector.
Copyright Business Recorder, 2023
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