KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on November 01, 2024 on the back of investor interest mainly in blue chip oil and gas sector stocks.
The benchmark KSE-100 index surged by 865.88 points on week-on-week basis and closed at 90,859.85 points. During the week, the index hit highest levels, however closed the week at lower level due to profit taking in some stocks.
Average daily trading volumes however declined by 16.5 percent to 559.36 million shares during this week as compared to previous week’s average of 669.93 million shares while average daily traded value on the ready counter declined by 9.3 percent to Rs 26.39 billion against previous session’s Rs 29.09 billion.
BRIndex100 gained 40.22 points during this week to close at 9,694.15 points with average daily turnover of 481.514 million shares.
BRIndex30 increased by 447.1 points on week-on-week basis to close at 29,160.28 points with average daily trading volumes of 271.494 million shares.
The foreign investors also remained net buyers of shares worth $1.967 million. Total market capitalization increased by Rs 18 billion during this week to Rs 11.707 trillion.
An analyst at AKD Securities said that the market started the week on a strong note, with KSE-100 index reaching its highest-ever closing at 90,864 points on Tuesday, closing the week at 90,859 points, up by 0.96 percent WoW.
The momentum was fuelled by anticipated continuation of monetary easing and the country reporting its first-ever quarterly budget surplus in over 20 years of Rs 1.7 trillion during the first quarter of FY25, coupled with strong corporate results.
Sector-wise, pharmaceutical, wollen, and leasing companies were amongst the top performers, up 7.6 percent/7.4 percent/7.3 percent WoW, respectively. On the other hand, Inv. Banks/Inv. Cos/Securities, Leather & Tanneries, and Engineering were amongst the worst performers with a decline of 10.9 percent/8.4 percent/4.6 percent WoW.
Flow wise, major net selling was recorded by Banks/DFI with a net sell of $13.0 million. On the other hand, Insurance and Mutual Funds absorbed most of the selling with a net buy of $7.1 and 5.2 million, respectively.
Company-wise, top performers during the week were GLAXO (up 31.2 percent), CHCC (up 18.7 percent), NCPL (up 14.7 percent), SYS (up 13.2 percent) and KAPCO (up 13.0 percent), while top laggards were KOSM (down 10.9 percent), NBP (down 10.2 percent), PKGS (down 8.2 percent), MUGHAL (down 8.0 percent) and SRVI (down 8.0 percent).
An analyst at JS Global Capital said that the KSE-100 index remained bullish during the week, closing at 90,860, an increase of 1.0 percent WoW. During the week, CPI for October 2024 clocked in at 7.2 percent, with a 2 percent uptick on MoM basis.
Pakistan reported a primary surplus of Rs 1.7 trillion during the first quarter of FY25, first seen in last two decades majorly driven by higher profitability reported by SBP.
Copyright Business Recorder, 2024
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