KARACHI: Bearish trend prevailed on Pakistan Stock Exchange (PSX) during the outgoing week ended on September 24, due to heavy selling in almost all sectors.
BRIndex100 decreased by 272.4 points on week-on-week basis to close at 4,708.77 points. Average daily volumes stood at 343.223 million shares.
BRIndex30 declined by 2207.19 points to close at 22,284.31 points with average daily turnover of 241.029 million shares.
KSE-100 index plunged by 1562.56 points on week-on-week basis and closed at 45,073.52 points.
Trading activities remained low as average daily volumes on ready counter decreased by 4.2 percent to 383.53 million shares as compared to previous week's average of 400.18 million shares. Average daily traded value declined by 17.9 percent to 12.38 billion.
Total market capitalization declined by Rs 304 billion to Rs 7.831 trillion.
"Moving along the trend set in motion in previous week, KSE-100 index posted negative performance across the week, closing at 45,073 points whereas the intraday weekly low was marked at 44,788 points", an analyst at AKD Securities said.
Over the outgoing week, the index cumulatively lost 1,562 points or 3.4 percent where a 25bps hike in interest rates by the Central Bank with an indication of more hikes in future coupled with month-end volatility, played over market sentiments.
Pressure was witnessed across sectors where within major sectors, Engineering was most hit registering a decline of 6.3 percent followed by Auto Assemblers, down 5.9 percent, while Refineries stood as worst performer (down 17.2 percent) - over uncertainty on refinery policy and the architect of the policy, SAPM Tabish Gauhar resigning indicating possible delays - amongst all sectors.
Flow-wise, Foreigners, and Others (local) played a major role in absorbing selling pressure by other participants, with cumulative net inflow standing at $12.6 million while Individuals and Companies cumulatively squared $11.0 million positions. Stock wise gainers were HMM (up 6.8 percent), PSEL (up 6.6 percent), SCBPL (up 5.7 percent), ARPL (up 4.3 percent) and SNGP (up 4.1 percent), while laggards were, ANL (down 19.3 percent), ATRL (down 17.9 percent), BYCO (down 16.8 percent), PAEL (down 16.4 percent) and BNWM (down 13.7 percent).
"Marking the fifth consecutive negative closing, the KSE100 ended the trading session today at a level of 45,073, posting a weekly loss of 1,563 points (down 3.4 percent)", an analyst at JS Global Capital said.
Selling pressure was seen across the board as all major sectors lost value. Investors remained at bay as average volume declined to 384mn shares per day while average daily traded valued was recorded at $73 million (down 18 percent). Tables turned on the local side as Individuals - who were the largest net buyers last week - became the largest net sellers while foreign investors turned net buyers this week.
Copyright Business Recorder, 2021