KARACHI: Pakistan Stock Exchange remained under pressure during the outgoing week ended on July 12, 2024 as the investors opted to book profit on available margins.
The benchmark KSE-100 index declined by 268.69 points on week-on-week basis and closed at 79,944.10 points. Trading activities remained dull as average daily volumes on ready counter decreased by 0.3 percent to 438.83 million shares during this week as compared to previous week’s average of 440.31 million shares while average daily traded value on the ready counter increased by 13.7 percent to Rs 20.77 billion during this week against previous week’s Rs 18.28 billion.
BRIndex100 closed at 8,524.89, slightly up by 29.29 points during this week with average daily turnover of 363.964 million shares.
BRIndex30 lost 16.79 points on week-on-week basis to close at 27,185.14 points with average daily trading volumes of 251.561 million shares.
The foreign investors remained net buyers of shares worth $3.959million during this week. Total market capitalization increased by Rs 36 billion during this week to Rs 10.630 trillion.
An analyst at AKD Securities said that the market remained volatile throughout the week due to uncertainty surrounding the Supreme Court’s verdict on reserved seats. Consequently, the benchmark KSE-100 index closed with a loss of 269points or 0.33 percent WoW, closing at 79,944points on Friday. However, despite the verdict announced on Friday being in favour of the opposition party, the market managed to hold its ground.
Sector-wise, auto assemblers, automobile parts & accessories, and woollen were amongst the top performers, up 7.0 percent/5.2 percent/5.0 percent WoW, respectively. On the other hand, miscellaneous, vanaspati& allied industries, and RIET were amongst the worst performers with a decline of 13.8 percent/3.7 percent/3.5 percent WoW.
Flow wise, major net selling was recorded by Individuals and Mutual Funds with a net sell of $2.58million and $2.48million, respectively. On the other hand, Foreigners absorbed most of the selling with a net buy of $3.96million.
Company-wise, top performers during the week were NBP (up 13.6 percent), FFBL (up 12.0 percent), UNITY (up 10.6 percent), ABL (up 10.3 percent) and PKGP (up 10.1 percent), while top laggards were SCBPL (down 8.1 percent), TRG (down 7.7 percent), THALL (down 6.2 percent), YOUW (down 5.1 percent) and KTML (down 4.8 percent).
An analyst at JS Global Capital said that the KSE-100 index remained volatile throughout the week, losing 269 points or 0.3 percent WoW, closing at 79,944 level.
Subsequent to the Supreme Court ruling on reserved seats case, the present government, along with its coalition partners’ representation in the National Assembly, reduced from 68 percent to 62 percent.
Cut-off yields in the recent T-bill auction were reduced by 10bp/18bp for 3M/6M maturities, while cut-off yields remained unchanged in the PIB auction. Foreign workers’ remittances remained above $3.0 billion for the second consecutive month in June 2024, 44 percent higher YoY. SBP forex reserves hit a 2-year high of $9.4billion during the week.
Copyright Business Recorder, 2024