KARACHI: Pakistan Stock Exchange witnessed bullish trend during the outgoing week ended on January 27, 2023 on the back of aggressive buying in almost all sectors.
The benchmark KSE-100 index surged by 2042.55 points on week-on-week basis and crossed 40,000 psychological-level to close at 40,450.53 points.
Trading activities also improved significantly as average daily volumes on ready counter increased by 51.7 percent to 217.20 million shares as compared to previous week’s average of 143.16 million shares while average daily traded value on ready counter increased by 66.5 percent to Rs 8.27 billion against previous week’s Rs 4.97 billion.
BRIndex100 gained 241.19 points during this week to close at 4,031.61 points with average daily turnover of 194.121 million shares.
BRIndex30 increased by 1029.78 points on week-on-week basis to close at 14,427.28 points with average daily trading volumes of 140.863 million shares.
The foreign investors also remained net buyers of shares worth $2.795 billion. Total market capitalization increased by Rs 217 billion during this week to Rs 6.351 trillion.
“With a controlled hike in the policy rate, along with some positive news flow regarding the start of negotiations between the Government and the IMF, the market witnessed a rally of 2,400points from Tuesday to Thursday”, an analyst at AKD Securities said.
This culminated to the KSE-100 index gaining 5.3 percent on week-on-week basis to close at 40,451points at the end of the week.
Sector-wise, the top performing sectors were Miscellaneous (up 9.9 percent, Refinery (up 8.7 percent), E&P (up 7.0 percent), Vanaspati & Allied (up 6.7 percent) and Cement (up 6.7 percent), while the least favourite sectors were; REITs (down 2.7 percent), Pharmaceuticals (down 2.2 percent), Textile Weaving (down 1.9 percent), Woolen (down 1.4 percent) and Automobile Parts & Accessories (down 1.4 percent).
Stock -wise, top performers were KTML (up 26.2 percent), HBL (up 23.8 percent), SML (up 23.6 percent), KOHC (up 19.3 percent) and CHCC (up 16.9 percent), while laggards were HINOON (down 5.6 percent), THALL (down 5.4 percent), INDU (down 4.6 percent), ABOT (down 3.9 percent) and SYS (down 3.3 percent).
Flow-wise, Insurance Companies topped the net sellers, offloading $8.8million followed by Companies ($3.9million) and Mutual Funds ($3.7million). On the buying side; banks, individuals, brokers, foreigners and other organizations posted buying of $5.0million, $4.1million, $3.8million and $2.8million respectively.
An analyst at JS Global Capital said that the KSE-100 index continued its upward trajectory throughout the week driving the index to rise 2,438 points (up 6.3 percent) over three consecutive upbeat sessions before some profit-taking on the last trading day of the week. The KSE-100 index closed the week at 40,450, up 5.3 percent on WoW.
Among key outperformers were Refinery (up 8.7 percent), E&P (up 7.0 percent) and Cements (up 6.7 percent) sectors.
Monetary Policy Committee (MPC) on Monday announced a 1.0 percent hike in policy rate taking the rate to 17 percent, broadly in-line with market estimates. The banking sector closed up 6.0 percent on WoW.
Copyright Business Recorder, 2023