KARACHI: Pakistan Stock Exchange witnessed positive trend during the outgoing week ended on June 09, 2023 due to fresh buying in various sectors on expectations of positive outcome of federal budget.

The benchmark KSE-100 index increased by 551.22 points on week-on-week basis and closed at 41,904.21 points.

Trading activities also improved as average daily volumes on ready counter increased by 20.6 percent to 217.41 million shares during this week as compared to previous week’s average of 180.33 million shares while average daily traded value on ready counter increased by 19.2 percent to Rs 6.01 billion against previous week’s Rs 5.04 billion.

BRIndex100 gained 57.75 points during this week to close at 4,189.94 points with average daily turnover of 192.281 million shares.

BRIndex30 surged by 515.46 points on week-on-week basis to close at 14,580.07 points with average daily trading volumes of 141.241 million shares.

The foreign investors remained net buyers of shares worth $2.103 million during this week. Total market capitalization increased by Rs 125 billion to Rs 6.401 trillion.

An analyst at JS Global Capital said that the KSE-100 index gained momentum this week building upto the release of Federal Budget FY24 with the market closing at 41,904, up 551 points WoW.

Sector-wise, Chemicals (up 15 percent), Oil & Gas (up 8.9 percent) and Refinery Sector (up 4.2 percent) out performed during the week while Banks (down 1.6 percent) and Tobacco (down 6.1 percent) under performed.

Foreigners remained net buyers this week ($2.1million) with the highest buying witnessed in the Oil & Gas Sector ($1.1million).

An analyst at Topline Securities said that the KSE 100 Index gained by 1.33 percent on WoW basis, which can be attributed to pre-budget rally. Investor interest was observed in Chemicals (up by 13.0 percent), Technology (up by 3.0 percent), OMCs (up by 3.0 percent), Textile (up by 3.0 percent) and Refines (up by 3.0 percent).

Copyright Business Recorder, 2023