KARACHI: Pakistan Stock Exchange continued its record breaking trend during the outgoing week ended on December 08, 2023 and hit historic highest levels on the back of aggressive buying by both local and foreign investors coupled with institutional support.
The benchmark KSE-100 index surged by massive 4,532.38 points on week-on-week basis and crossed 66,000 psychological level to close at new highest ever level of 66,223.63 points.
Trading activities also improved as average daily volumes on ready counter surged by 64.0 percent to 1,026.12 million shares during this week as compared to previous week’s average of 625.59 million shares while average daily traded value on ready counter increased by 47.8 percent to Rs 33.63 billion against previous week’s Rs 22.75 billion.
BRIndex100 added 520.26 points during this week to close at 6,815.34 points with average daily turnover of 895.526 million shares.
BRIndex30 increased by 2,312.48 points on week-on-week basis to close at 24,249.43 points with average daily trading volumes of 612.695 million shares.
The foreign investors also remained net buyers of shares worth $11.146 million. Total market capitalization increased by Rs 613 billion to Rs 9.498 trillion.
“Throughout the week, the benchmark index maintained its upward momentum, reaching new highs as the KSE-100 demonstrated a series of peaks before settling at 66,224 points (up 7.35 percent WoW), marking its highest closing level”, an analyst at AKD Securities said.
The week commenced with positive news regarding the IMF’s positive expectations for the country, anticipating an increase in SBP-held reserves to $9.0 billion by fiscal-year end (Current: $7.0 billion). Further positivity ensued with the finalisation of the BIT agreement and increased likelihood of a similar outcome for the FTA agreement with GCC. Towards the end of the week, the inclusion of Pakistan in the IMF’s executive board meeting on Jan 11, 2024 provided an additional boost.
Sector-wise, buying was observed in Refinery Sector, emerging as the top performer (up 18.28 percent WoW), while Woolen Sector experienced significant selling (down 8.39 percent WoW).
Notable flows included major selling by BANKS/DFI with a net sell of $13.02 million, countered by Foreigners, which absorbed selling with a net buy of $11.15 million.
Among companies, top performers for the week were KEL (up 34.7 percent), PTC (up 34.6 percent), NRL (up 25.7 percent), PSO (up 21.5 percent) and SRVI (up 21.3 percent), while top laggards were BNWM (down 8.4 percent), PGLC (down 4.5 percent), IBFL (down 4.1 percent), GADT (down 3.1 percent) and LUCK (down 3.0 percent).
An analyst at JS Global Capital said that the KSE-100 index achieved another milestone of crossing the 66,000, closing at 62,224 points, registering a 7.3 percent return on WoW basis.
Investor participation remained strong as average daily turnover stood at 1,026million shares, up 64 percent WoW. In this, net foreign buying, once again dominated, accumulating to $11million during the week.
Copyright Business Recorder, 2023
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