KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on January 06, 2023 on the back of fresh buying on available attractive low levels.
The benchmark KSE-100 index surged by 587.07 points on week-on-week basis and crossed 41,000 psychological level to close at 41,007.52 points.
Trading activities however remained low as average daily volumes on ready counter decreased by 17.9 percent to 175.98 million shares as compared to previous week’s average of 214.28 million shares while average daily traded value on ready counter declined by 22.5 percent to Rs 5.30 billion against previous week’s Rs 6.84 billion.
BRIndex100 gained 73.05 points during this week to close at 4,069.90 points with average daily turnover of 143.461 million shares.
BRIndex30 increased by 398.66 points on week-on-week basis to close at 14,435.99 points with average daily trading volumes of 98.894 million shares.
The foreign investors also remained net buyers of shares worth $257,340. Total market capitalization increased by Rs 9 billion during this week to Rs 6.509 trillion.
An analyst at AKD Securities said that the KSE-100 index witnessed an overall volatile week as depleting currency reserves continued to fuel uncertainty throughout, as SBP FX reserves have fallen by approximately $2.0 billion since December 2022 began. Although, some respite was seen towards energy stocks such as PPL, OGDC and refineries with news amidst gas circular debt resolution and fresh investment in a coastal refinery from Saudi Arab (aided by the much anticipated refinery policy).
Sector-wise, amongst main boards, Miscellaneous, Refinery and Transport were amongst the top performers, up 10.7 percent/8.9 percent/4.6 percent respectively. On the other hand, Vanaspati and Allied Industries, Leather & Tanneries and Cable & Electrical were amongst the worst performers with a declines of 7.2 percent/5.6 percent/5.3 percent.
Flow wise, major net selling was recorded by Mutual Funds (net sell: $2.9million). On the other hand, companies absorbed most of the selling with a net buy of $3.2million.
Company-wise, top performers during the week were PSEL (up 14.3 percent), SHIFA (up 13 percent), ATRL (up 12.9 percent), PPL (up 11.8 percent) and SNGP (up 10.8 percent), while top laggards were PSMC (down 17.4 percent), HCAR (down 17 percent), KEL (down 12.2 percent), GADT (down 10.2 percent) and GATM (down 8.7 percent).
“Carrying last week’s momentum, KSE-100 Index closed at 41,007, up 1.5 percent on week-on-week basis”, an analyst at JS Global Capital said.
Key performing sectors this week were Refinery (up 8.9 percent) and E&P (up 4.3 percent). Refinery sector remained in the limelight over the possibility of any positive news regarding the pending refinery policy.
Copyright Business Recorder, 2023