KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on June 28, 2024 due to selling as the investors opted to book profit during the last week of the fiscal year.
The benchmark KSE-100 index declined by 365.53 points on week-on-week basis and closed at 78,444.96 points.
Trading activities also remained low as average daily volumes on ready counter decreased by 23.0 percent to 355.67 million shares as compared to previous week’s average of 461.99 million shares while average daily traded value on the ready counter declined by 32.3 percent to Rs 13.92 billion against previous week’s Rs 20.58 billion.
BRIndex100 lost 59.47 points during this week to close at 8,281.61 points with average daily turnover of 282.187 million shares.
BRIndex30 however managed to close in positive at 26,501.96 points, up 45.27 points on week-on-week basis with 195.190 million shares.
The foreign investors however remained net buyers of shares worth $2.522 million during this week. Total market capitalization declined by Rs 35 billion to Rs 10.374 trillion.
An analyst at AKD Securities said that the KSE-100 Index experienced a subdued week, declining by 365points (0.46 percent WoW), primarily due to weakness in the Banking Sector following news of the continuation of the ADR-based tax. The incidence of futures rollover, coupled with it being the last week of the fiscal year overall contributed to the lack lustre performance.
Sector-wise, tobacco, jute and vanaspati & allied were amongst the top performers, up 6.5 percent/4.3 percent/4.2 percent WoW, respectively. On the other hand, ETFs, Refinery and Property were amongst the worst performers with declines of 9.7 percent/4.4 percent/3.7 percent WoW.
Flow wise, major net selling was recorded by Mutual Funds (net sell: $5.8million) and Other Organizations (net sell: $2.2million). On the other hand, Brokers and Companies absorbed most of the selling with a net buy of $4.9million and $1.5million, respectively.
Company-wise, top performers during the week were MUREB (up 12.8 percent), FABL (up 11.8 percent), PAKT (up 11.2 percent), UNITY (up 10.6 percent) and HGFA (up 9.4 percent), while top laggards were YOUW (down 7.5 percent), MCB (down 7.5 percent), EPCL (down 6.6 percent), CNERGY (down 5.9 percent) and CEPB (down 5.8 percent).
An analyst at JS Global Capital said that the fiscal year 2024 concluded with the KSE-100 achieving its highest returns in 21 years. KSE-100 index closed the week at 78,445, down 365 points.
The week began with SBP data revealing Pakistan’s current account balance ended a three-month surplus streak in May- 2024, recording a deficit of $270million. This widened the 11months of FY24 CAD to $464million. While the May data reduces possibility of a current account surplus for the year, it cannot be ruled out.
Certain amendments to the proposed finance bill were under discussion throughout the week. The uncertainty ended on the last trading day of the week when the finance bill was approved with the amendments.
Copyright Business Recorder, 2024
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