KARACHI: Pakistan Stock Exchange (PSX) gained positive momentum during the first week of the new-year ended on January 07, and closed in green with increased trading activities.
The benchmark KSE-100 index surged by 749.58 points on week-on-week basis and closed at 45,345.65 points. Trading activities also improved as average daily volumes on ready counter increased by 45.9 percent to 318.15 million shares as compared to previous week’s average of 217.99 million shares. Average daily traded value on the ready counter increased by 31.0 percent and stood at Rs 10.15 billion.
BRIndex100 gained 84.48 points during this week to close at 4,661.82 points with average daily turnover of 262.162 million shares.
BRIndex30 closed at 19,270.26 points, down 106.2 points on week-on-week basis with average daily trading volumes of 206.851 million shares.
The foreign investors were net buyers of shares worth $24.1 million whereas excluding gross buy of $26.0 million which is likely to include strategic buying by TRG of its shares, the group stands as a net seller of $1.9 million. On the local side, Individuals stood on the selling side with a net sell of $15.1 million followed by Mutual Funds with a net sell of $8.4 million – which is likely to include contra position of TRG transaction – whereas banks turned out to be on the other side of the spectrum with a net buy of $7.0 million. Total market capitalization increased by Rs 88 billion to Rs 7.772 trillion.
“Closing the first week of the year 2022, KSE-100 index stood at 45,346 points - a return of 1.7 percent on week-on-week basis”, an analyst at AKD Securities said. Average daily volumes stood at 318 million shares in the outgoing week compared to activity in 218 million shares in the previous week, indicative of fresh allocations associated with beginning of the year.
Tabling of Finance Amendment Bill and SBP Amendment Bill during the latter part of the previous week indeed provided confidence to investors on the eventual resumption of IMF program.
Sector-wise, within major sectors, Power segment recorded a gain of 3.0 percent, followed by Fertilizers (up 2.8 percent) while Textile composite was down 1.5 percent. Overall, Textile Weaving segment registered strongest increase of 10.1 percent, followed by Transport (up 6.8 percent) whereas Woollen segment stood as the laggard, down 3.5 percent.
Stock wise, major gainers include STJT (up 22.5 percent), HUBC (up 9.7 percent), ISL (up 9.1 percent), GATI (up 8.7 percent) and UNITY (up 8.0 percent), while top laggards were TRG (down 10.3 percent), HMM (down 9.8 percent), MUREB (down 8.7 percent), PMPK (down 7.3 percent) and KTML (down 5.8 percent).
An analyst at JS Global Capital said that the market gained positive momentum throughout the week, closing the first year of the week positive at 45,346 levels, up 1.7 on WoW).
Foreign investors remained net buyers again, which accumulated to $24.2 million, albeit the interest was concentrated in the Technology sector ($22.5 million). Foreign investor interest in the Technology and Communication sector led to the sector closing higher by 2.9 percent, taking the sector among the outperformers this week.
This was followed by Engineering (Steel, up 3.1 percent) and Oil and Gas Marketing (up 1.7 percent) sectors.
Copyright Business Recorder, 2022