KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on May 03, 2024 due to selling mainly by local investors and institutions.
The benchmark KSE-100 index declined by 840.65 points on week-on-week basis and closed at 71,902.09 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 20.7 percent to 515.75 million shares during this week as compared to previous week’s average of 650.0 million shares while average daily traded value on the ready counter declined by 8.3 percent to Rs 23.90 billion against previous week’s Rs 26.07 billion.
BRIndex100 decreased by 59.67 points during this week to close at 7,566.43 points with average daily turnover of 441.945 million shares.
BRIndex30 lost 28.24 points on week-on-week basis to close at 24,785.85 points with average daily trading volumes of 279.420 million shares.
The foreign investors however remained net buyers of shares worth $8.035 million. Total market capitalization declined by Rs 220 billion during this week to stand at Rs 9.797 trillion.
An analyst at AKD Securities said that the trading sessions during the outgoing week remained volatile, primarily due to the aftermath of SBP’s decision to keep interest rates unchanged, coupled with anticipation surrounding inflation readings, which registered at 17.34 percent YoY for April 2024.
Overall, the benchmark KSE-100 index closed at 71,902points on Friday, with a loss of 840points or 1.16 percent WoW, however the last trading session remained positive with a gain of 1244pointsin the final trading session.
With Regards to sector performance, woolen, cable & electrical goods, oil & gas exploration companies, jute and sugar & allied industries were amongst the top performers, up 4.17 percent/2.11 percent/1.96 percent/1.38 percent and 0.89 percent respectively. On the other hand, automobile assembler, technology & communication, vanaspati & allied industries, transport and property were amongst the worst performers with a decline of 94 percent/7.36 percent/5.83 percent/5.62 percent and 4.66 percent, respectively.
Flow wise, major net selling was recorded by other organizations (net selling $5.62 million) and Individuals (net selling $1.84 million). On the other hand, Foreigners absorbed most of the local selling with a net buy of $8.04million.
Company-wise, top performers during the week were PPL (up 9.0 percent), NCPL (up 7.4 percent),SNGP (up 6.1 percent), KAPCO (up 5.2 percent) and FFBL (up 4.5 percent), while top laggards were TRG (down 14.0 percent), AKBL (down 13.0 percent),THALL (down 9.6 percent), NBP (down 8.9 percent) and SCBPL (down 8.3 percent).
An analyst at JS Global Capital said that the KSE-100 Index took a breather with 1.2 percent WoW correction this week, after marking a new high last week.
The correction was overdue as the central bank decided to keep policy rate unchanged at 22 percent for the 6th time in its monetary policy meeting held this week.
Copyright Business Recorder, 2024
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