KARACHI: Pakistan Stock Exchange witnessed bullish trend and recorded healthy gains during the outgoing week ended on January 05, 2024 on the back of aggressive buying mainly by local investors. The benchmark KSE-100 index surged by 2,063.86 points on week-on-week basis and crossed 64,000 psychological level to close at 64,514.90 points.
Trading activities also improved as average daily volumes on ready counter increased by 5.4 percent to 687.00 million shares during this week as compared to previous week’s average of 651.76 million shares while average daily traded value on the ready counter increased by 11.4 percent to Rs 19.60 billion during this week against previous week’s Rs 17.59 billion.
BRIndex100 added 245.58 points during this week to close at 6,642.69 points with average daily turnover of 632.310 million shares.
BRIndex30 increased by 1,370.46 points on week-on-week basis to close at 24,140.73 points with average daily trading volumes of 473.506 million shares.
The foreign investors however remained net sellers of shares worth $686,978 during this week. Total market capitalization increased by Rs 311 billion during this week to Rs 9.373 trillion.
An analyst at AKD Securities said that 2024 started optimistically for the KSE-100, surging 2,211points on the first day. However, political noise cast a shadow, dragging the index 151points below the week’s first day closing, to close at 64,515points on Friday (up 3.3 percent WoW).
On the sectorial front, Automobile Parts & Accessories, Sugar and Allied Industries, and Oil and Gas Exploration companies were amongst the best performers with a growth of 13.69 percent/8.69 percent/7.93 percentWoW, respectively. Whereas, Modarabas, Cable and Electrical Goods, and Miscellaneous were the top laggards with a decline of 3.00 percent/2.55 percent/2.52 percent WoW, respectively.
Flow wise, major net selling was recorded by Individuals with a net sell of $10.63million. And, other organizations absorbed most of the selling with a net buy of $5.49million.
Company-wise, top performers during the week were PSMC (up 20.5 percent), KEL (up 16.3 percent), HCAR (up 14.1percen), SEARL (up 12.8 percent) and OGDC (up 11.2 percent), while top laggards were PSEL (down 5.5 percent), ASL (down 2.9 percent), PAKT (down 2.7 percent), PSX (down 2.7 percent) and LCI (down 1.9 percent).
“The KSE-100 index exhibited continued volatility entering the New Year, where we saw a mixed trend of profit taking and investors rebalancing portfolios”, an analyst at JS Global Capital said.
The KSE-100 index reported a WoW gain of 3.3 percent taking index to the 64,515 level
Copyright Business Recorder, 2024
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