KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on June 04, on the back of healthy buying mainly by local investors and institutions. BRIndex100 gained 163.19 points on week-on-week basis to close at 5,282.12 points. Average daily trading volumes stood at 983.281 million shares.
BRIndex30 increased by 1018.16 points to close at 27,628.99 points with average daily turnover of 680.998 million shares.
KSE-100 index surged by 1085.41 points on week-on-week basis and closed above 48,000 psychological level at 48,211.70 points. Trading activities however remained slightly low as average daily volumes on ready counter decreased by 9.4 percent to 1,121.59 million shares as compared to previous week’s average of 1,237.47 million shares. Average daily traded value increased by 8.1 percent to Rs 29.71 billion.
The foreign investors however remained net sellers of shares and withdrew $180,775 from Pakistan capital market. Total market capitalization increased by Rs 226 billion to Rs 8.357 trillion.
“After an exuberant week, KSE-100 index started the week with same enthusiasm, however, the index failed to sustain that level when investors started to book their gains in later sessions”, an analyst at AKD Securities said. The KSE-100 index closed the week at 48,212 points, up 2.3 percent on week-on-week basis.
The overall investor sentiment remained positive on account of improving macroeconomic indicators where continued government's continued support towards construction sector resulted in engineering sector being among the leaders with a performance of up 9.6 percent during the week. Meanwhile, refinery sector performed plus 6.1 percent during the week as news report suggest new policy for the sector is in its final stages.
Stock wise top performers include PTC (up 16.6 percent), PSMC (up 16.4 percent), HCAR (up 14.9 percent), HASCOL (up 14.3 percent) and PSX (up 13.4 percent) whereas the laggards were KEL (down 4.0 percent), JLICL (down 2.5 percent), MTL (down 2.1 percent) and BAHL (down 1.8 percent).
An analyst at JS Global Capital said that the KSE-100 Index continued its bullish momentum this week, closing up 1,085 points or 2.3 percent at 48,212 level.
Declining COVID-19 cases and upward revision in growth estimates continued to fuel the positive sentiments.
On a sector-wise basis, Engineering (up 9.6 percent), Autos (up 6.6 percent) and Oil & Gas Marketing Companies (up 6.3 percent) were the key out performers. Refineries (up 6.1 percent) also beat the KSE-100 index over expectations that the Refinery Policy will be announced soon while the rally in Cements (up 3.2 percent) can be attributed to anticipation of strong sales growth during May-2021.
Copyright Business Recorder, 2021