KARACHI: Pakistan Stock Exchange witnessed positive trend and hit new highest ever levels during the outgoing week ended on April 19, 2024 on the back of aggressive buying by both local and foreign investors coupled with institutional support.
The benchmark KSE-100 index surged by 595.18 points and closed at its new highest ever level of 70,909.90 points.
Trading activities also improved as average daily volumes on ready counter increased by 35.8 percent to 492.38 million shares during this week as compared to previous week’s average of 362.61 million shares while average daily traded value on the ready counter increased by 30.9 percent to Rs 21.33 billion during this week against previous week’s Rs 16.29 billion.
BRIndex100 added 113.26 points during this week to close at 7,394.18 points with average daily turnover of 436.622 million shares.
BRIndex30 increased by 493.03 points during this week to close at 24,120.94 points with average daily trading volumes of 323.512 million shares.
The foreign investors also remained net buyers of shares worth $33.857 million during this week. Total market capitalization increased by Rs 73 billion during this week to Rs 9.833 trillion.
An analyst at AKD Securities said that the market’s trading session remained erratic throughout the week, however concluded on a stronger note on the last day, with the benchmark KSE-100 index challenging previous highs and achieving its highest-ever closing of 70,909points on Friday, a weekly gain of 595point/0.85 percent WoW.
Overall, the volatility may be attributed to the general uncertainty surrounding over international crude prices, primarily due to the ongoing rifts in the Middle East, with the tensions largely emanating due to the scuffle between Iran and Israel. However, a key high-light this week was the successful visit of the Saudi delegation to Pakistan, promising major investments in various sectors. Additionally, KSA’s acquisition of a 25 percent minority stake in the Reqo Diq Mining Project for $1.0billion appears to be progressing well, with the deal anticipated to finalize soon.
With regards to sector performances, sugar & allied industries, refinery, synthetic & rayon, vanaspati& allied industries, textile weaving were amongst the top performers, up 7.6 percent/5.22 percent/4.09 percent/3.81 percent/3.33 percent WoW respectively. On the other hand, Miscellaneous, Woolen, and Paper & Board were amongst the worst performers with a decline of 4.03 percent, 3.81 percent and 3.7 percent WoW.
Flow wise, major net selling was recorded by Individuals ($14.43million) and Banks ($10.97million). On the other hand, Brokers absorbed most of the local selling with a net buy of ($1.23million).
Company-wise, top performers during the week were PSX (up 16.6 percent),FABL (up 13.6 percent),FATIMA (up 10.5 percent), AKBL (up 9.3 percent) and NRL (up 8.8 percent), while top laggards were PTC (down 12 percent), ISL (down 8.2 percent), KTML (down 5.5 percent), SEARL (down 5.1 percent) and MUGHAL (down 4.8 percent).
An analyst at JS Global Capital said that the KSE-100 index reached an all-time high closing of 70,910 this week, taking WoW gains to 0.8 percent.
Refinery and Auto sector stocks remained the top performers this week.
The week started with federal government announcing an increase for petrol and diesel prices by Rs4.5/litre and Rs8.1/litre, respectively, owing to increase in ex-refinery prices.
During the week, Saudi Foreign Minister held high-level meetings with the Pakistani President, PM and Army Chief on various investment initiatives. Major investment opportunities in the Mining, Energy and Oil & Gas sectors were discussed. This led to a positive momentum in E&P sector stocks with the sector posting a 2.2 percent WoW return.
Copyright Business Recorder, 2024