KARACHI: Pakistan Stock Exchange (PSX) remained under pressure during the outgoing week ended on August 18, 2023 due to selling on investor concerns over prevailing economic and political situation in the country.
The benchmark KSE-100 index declined by 205.90 points on week-on-week basis and closed at 48,218.50 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 32.6 percent to 232.00 million shares during this week as compared to previous week’s average of 344.16 million shares while average daily traded value on ready counter declined by 34.8percent to Rs 9.29 billion during this week against previous week’s Rs 14.24 billion.
BRIndex100 lost 30.17 points during this week to close at 4,883.42 points with average daily turnover of 203.591 million shares.
BRIndex30 decreased by 177.77 points on week-on-week basis to close at 17,286.22 points with average daily trading volumes of 135.254 million shares.
The foreign investors; however, remained net buyers of shares worth $2.379 million. Total market capitalization declined by Rs 43 billion during this week to stand at Rs 7.188 trillion. An analyst at AKD Securities said that the outgoing week saw investor sentiments swaying in either direction owing to major developments on the political front. The caretaker setup was finally announced with Balochistan ex-senator, Anwaar-ul-Haq Kakar taking charge as interim PM and slot-filling in major cabinet positions by interim ministers.
Buying was witnessed sector wise in Automobile Parts & Accessories, emerging as the top performer recording gains of 5.5 percent, whilst Woolen saw major selling declining by 2.9 percent.
Flow-wise, major selling was recorded by Banks/ DFI with a net sell of $3.89million. On the other hand, Insurance companies absorbed most of the selling with a net buy of $4.05million.
Company-wise, top performers during the week were SYS (up 9.2 percent), PABC (up 7.3 percent), THALL (up 7.2 percent), JDWS (up 6.1 percent) and AIRLINK (up 6.0 percent), while top laggards were LOTCHEM (down 7.9 percent), FCEPL (down 7.1 percent), CNERGY (down 5.7 percent), ENGRO (down 5.3 percent) and BOP (down 4.9 percent).
Company wise total volume leaders were YOUW at 57.54million shares; OGDC at 52.21million shares; DGKC at 48.15million shares; PPP at 41.38million shares and KHYT at 36.05million shares.
An analyst at JS Global Capital said that the week commenced with a positive tone, yet volatility persisted. The KSE-100 index eventually closed the week at 48,424, down 206 points.
In the realm of news, ending rumors and speculation, Senator Anwaar-ul-Haq Kakar took oath as Caretaker PM. Incoming PM’s cabinet also took oath on Thursday. Potential prolonged caretaker setup remained under discussion this week.
Copyright Business Recorder, 2023
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