KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing three-day trading week ended on February 09, 2024 as the investors remained cautious and avoided to take fresh positions over delay in general election results and lack of clarity on formation of new government. The benchmark KSE-100 index decreased by 59.17 points on wee-0n-week basis and closed at 62,943.75 points.
Average daily volumes on the ready counter declined by 2.3 percent to 305.53 million shares during this week as compared to previous week’s average of 312.85 million shares while average daily traded value on the ready counter increased by 21.6 percent to Rs 14.01 billion against previous week’s Rs 11.52 billion.
BRIndex100 inched down by 9.71 points during this week to close at 6,445.72 points with average daily turnover of 278.307 million shares.
BRIndex30 lost 10.97 points on week-on-week basis to close at 22,745.95 points with average daily trading volumes of 231.382 million shares.
The foreign investors however remained net buyers of shares worth $5.688 million. Total market capitalization declined by Rs 8 billion to stand at Rs 9.198 trillion.
An analyst at AKD Securities said that the week began with positive news of possible nods by the IMF on circular debt and power tariff rationalization plans, as well as a narrowed trade deficit for the month of January. However, uncertainty surrounding the election results on Friday shattered the early gains. Contrary to expectations, the initial outcomes largely favoured PTI-backed independent candidates, resulting in the KSE-100 plunging by 2300 points at the opening, before partially recovering to close the week at 63,003piubts, with a loss of 59points or 0.09 percent.
Sector-wise, synthetic & rayon, paper & board, and property were amongst the top performers, up 4.2 percent/2.0 percent/1.5 percent respectively. On the other hand, leasing companies, transport, and textile composites were amongst the worst performers with a decline of 5.2 percent/2.2 percent/1.3 percent.
Flow wise, major net selling was recorded by Mutual Funds with a net sell of $5.5million. On the other hand, Foreigners absorbed most of the selling with a net buy of $5.7million.
Company-wise, top performers during the week were PSEL (up 9.5 percent), SML (up 7.1 percent), KTML (up 6.8 percent), YOUW (up 5.9 percent) and IBFL (up 5.7 percent), while top laggards were PGLC (down 9.6 percent), AGP (down 5.0 percent), APL (down 4.9 percent), PIBTL (down 4.7 percent) and NATF (down 4.7 percent).
An analyst at JS Global Capital said that the benchmark KSE-100 index opened with a decline of over 2,000 points on Friday, being the first trading session post elections, over lack of clarity regarding the potential political landscape of the country. However, the market recovered 2 percent of the loss by the end of the session as more official results were announced by ECP.
Copyright Business Recorder, 2024