KARACHI: Pakistan Stock Exchange continued its record breaking trend and hit new historic highest ever levels with impressive gains on the back of strong interest of local investors coupled with institutional support.
The benchmark KSE-100 index surged by 5,247.85 points on week-on-week basis and closed at new highest ever level of 114,301.80 points.
Average daily trading volumes on the ready counter stood at 1,362.86 million shares, down 19.0 percent during this week as compared to previous week’s average of 1,683.40 points while average daily traded value on the ready counter increased by 10.2 percent to Rs 60.60 billion during this week against previous week’s Rs 54.97 billion.
BRIndex100 soared by 386.51points during this week to close at 12,102.38 points with average daily turnover of 1,170.767 million shares.
BRIndex30 increased by 2,477.40 points on week-on-week basis to close at 37,959.26 points with average daily trading volumes of 775.354 million shares.
The foreign investors however remained net sellers of shares worth $875,655. Total market capitalization increased by Rs 732 billion to Rs 14.587 trillion.
An analyst at AKD Securities said that the market remained volatile during the week but ended the week with another major increase in KSE-100 index, registering weekly gains of 5,248points, and closing at a record high of 114,302points, marking an increase of 5.0 percent WoW.
With the CPI remaining below the 5.0 percent threshold and T-bill yields in the recent auction dropping to 12 percent for the 3 months and 6 months paper, down 100bps and 89bps respectively, investor optimism has been bolstered, fuelling expectations for continued monetary easing in the upcoming MPC meeting on December 16, 2024.
However, news about the potential imposition of additional taxes on banks led to the banking sector eroding 2,292points from the index throughout the week. Additionally, Automotive Industry sales for November 2024 clocked in at 13,856 units, up 37 percent YoY. On the macroeconomic front worker remittances clocked in at $2.9billion, up 29.1 percent YoY. SBP held FX reserves increased by $13million WoW, ending the week at $12.0billion as of December06, 2024.
Sector-wise, oil & gas exploration companies, mutual funds, oil & gas marketing companies, refinery and miscellaneous were amongst the top performers, up 22.7 percent/14.2 percent/12.3 percent/12.2 percent/9.5 percent WoW. On the other hand, commercial banks, modarabas, textile spinning, synthetic & rayon and automobile parts & accessories were amongst the worst performers with a decline of 8.1 percent/1.4 percent/1.1 percent/0.6 percent/0.3 percent WoW, respectively.
Flow wise, major net selling was recorded by Brokers with a net sell of $3.3 million. On the other hand, mutual funds absorbed most of the selling with a net buy of $8.6million.
Company-wise, top performers during the week were MARI (up 42.9 percent), SHEL (up 24.6 percent), ATRL (up 24.6 percent), NML (up 24.0 percent) and PSO (up 20.1 percent), while top laggards were ABL (down 12.2 percent), BAFL (down 11.3 percent), MEBL (down 10.5 percent), BAHL (down 10.0 percent) and BOP (down 9.3 percent).
An analyst at JS Global Capital said that bullish momentum persisted at the KSE-100 Index, which closed at its highest-ever closing level of 114,302 points.
The index also reached a record intraday high of 115,172 points during the week. ADTO increased by 10 percent WoW to $218million.
In the recent T-bill auction, the government raised Rs1,256 billion against a target of Rs1,200 billion, with yields decreasing by up to 100bps across different tenors.
Copyright Business Recorder, 2024