KARACHI: Pakistan Stock Exchange remained under severe pressure during the outgoing week ended on December 02, 2022 due to heavy selling on investor concerns over prevailing political and economic situation in the country.

The benchmark KSE-100 index plunged by 786.63 points on week-on-week basis and closed at 42,150.10 points.

Average daily volumes on ready counter slightly improved by 1.4 percent to 161.75 million shares as compared to previous week’s average of 159.58 million shares while average daily traded value on ready counter declined by 6.9 percent to Rs 5.29 billion against previous week’s average of Rs 5.68 billion.

BRIndex100 decreased by 99.32 points during this week to close at 4,225.30 points with average daily turnover of 122.640 million shares.

BRIndex30 declined by 742.23 points on week-on-week basis to close at 15,517.91 points with average daily trading volumes of 79.702 million shares.

Total market capitalization declined by Rs 127 billion during this week and stood at Rs 6.727 trillion.

“The bourse witnessed an overall volatile week as uncertainty regarding the International Sukuk payment of $1.1billion lingered amongst market participant, squeezing the overall sentiment and volumes alongside it”, an analyst at AKD Securities said.

Sector-wise, amongst mainboards, Miscellaneous, Leasing Companies and Vanaspati& Allied Industries were amongst the top performers, up 5.7 percent/4.1 percent/1.9 percent respectively. On the other hand, Close-End Mutual Fund, Engineering and Cement sectors were amongst the worst performers with a declines of 9.5 percent/7.0 percent/5.9 percent respectively during this week.

Flow wise, major net selling was recorded by Mutual Funds (net sell: $6.3million). On the other hand, Individuals absorbed most of the selling with a net buy of $4.19million.

Company-wise, top performers during the week were PSEL (up 24.3 percent), PGLC (up 6.1 percent), IBFL (up 5.1 percent), HUBC (up 3.5 percent) and SRVI (up 2.2 percent), while top laggards were PIOC (down 14.1 percent), HGFA (down 11.3 percent), CHCC (down 10.9 percent), MLCF (down 10.8 percent) and MUGHAL (down 9.8 percent).

An analyst at JS Global Capital said that the KSE-100 index opened the week on a pessimistic note after the SBP’s unexpected announcement of a rate hike of 100bp taking the policy rate to 16 percent.

The market witnessed a partial recovery in the following days closing the week at 42,150 points, limiting losses to 1.8 percent on WoW.

Sector-wise, Power sector (up 0.6 percent) remained key outperformer whereas Cements (down 5.9 percent) and Oil & Gas (down 1.7 percent) remained key underperformers during the week.

Copyright Business Recorder, 2022