KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing week ended on October 18, 2024 and after moving in both directions finally closed on negative note.
The benchmark KSE-100 index declined by 233.31 points on week-on-week basis and closed at 85,250.09 points.
Trading activities remained low as average daily volumes on ready counter decreased by15.5 percent to 442.26 million shares during this week as compared to previous week’s average of 523.32 million shares while average daily traded value on the ready counter declined by 24.5 percent to Rs 22.44 billion during this week against previous week’s Rs 29.72 billion.
BRIndex100 closed at 9,097.02 points, slightly up by 14.62 points during this week with average daily turnover of 375.074 million shares.
BRIndex30 decreased by 187.23 points on week-on-week basis to close at 27,192.64 points with average daily trading volumes of 245.564 million shares.
The foreign investors also remained on the selling side and withdrew $11.614 million from the local equity market. Total market capitalization increased by Rs 21 billion to Rs 11.177 trillion.
An analyst at AKD Securities said that the market remained volatile during the week, with the KSE-100 index losing 233points or 0.3 percent to close at 85,250points on Friday. Commercial banks and power sectors were the primary drags on the index, collectively shaving off 424 points from the index, as concerns over additional ADR based taxation to weigh on banks expected profitability for the last quarter, while continued government scrutiny on IPPs added pressure to the Power Sector. Fertilizer sector also remained laggard, losing 71points due to lower-than-expected payouts from EFERT.
On the political front, the successful conclusion of the SCO summit was a positive development; however, heightened political noise towards the weekend kept market sentiment subdued.
Sector-wise, tobacco, close-end mutual funds, and engineering were amongst the top performers, up 18.3 percent/9.4 percent/8.7 percent WoW, respectively. On the other hand, woollen, property, and transport were amongst the worst performers with a decline of 12.0 percent/9.5 percent/5.0 percent WoW.
Flow-wise, major net selling was led by banks, with a total outflow of $16.6million, primarily due to NBP offloading its entire stake in AGL to FFC. Foreigner followed with net sell of $11.1million. On the other hand, Companies absorbed most of the selling with a net buy of $25.8 million.
Company-wise, top performers during the week were ATRL (up 23.5 percent), PAKT (up 20.3 percent), HGFA (up 13.5 percent), FCEPL (up 12.9 percent) and JDWS (up 12.0 percent), while top laggards were NPL (down 20.9 percent), JVDC (down 13.9 percent), BNWM (down 12.0 percent), KAPCO (down 10.8 percent) and PIOC (down 8.2 percent).
An analyst at JS Global Capital said that the KSE-100 index remained flat this week, posting a marginal loss of 0.3 percent.
Key highlight of the week was Pakistan’s successful hosting of the SCO summit where Pakistan and China agreed to further enhance bilateral cooperation in multiple sectors including security, education, agriculture and science and technology in addition to the inauguration of Gwadar International Airport during Chinese PM’s visit to Pakistan during the week.
After termination of five IPP contracts, the government is now proposing to halt payments to 18 other IPPs with a total capacity of 4,267MW. In the T-bills auction held this week, government raised Rs716billion, with a slight dip of 5bp in 6-month cut-off yields. The government also raised Rs181billion through PIBs during the week with cut-off yields falling by 74/40/61 and 22bps for the 2/3/5 and 10yr tenor.
Copyright Business Recorder, 2024
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