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Weekly Market Roundup

Weekly Market Roundup
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March 29, 2024 (MLN): Pakistan Stock Exchange surged to new heights this week, with its key benchmark KSE-100 index recording its all-time high weekly closing of 67,005 showing an increase of 1,853 points or 2.84% WoW.

Meanwhile, the Pakistani Rupee recorded a marginal gain of 0.07% WoW.

In USD terms, the KSE-100 index gained 2.92% this week.

Moreover, the index scored a 4,554 points or 7.3% quarterly gain, its fourth consecutive win.

Throughout the week, KSE-100 oscillated in a range of 2,006 points, between high and low of 67,308 and 65,302 levels, respectively, before settling the week at 67,005.

The KSE-100 average daily traded volume was recorded at 166 million shares worth Rs8.40 billion, marking an increase of 10.50% MoM in the number of shares and 11.53% MoM in traded value.

Moreover, the overall PSX average traded volume (All-Share) was recorded at 331m shares worth Rs11.79bn, marking an increase of 12.14% MoM in the number of shares and 6.93% MoM in traded value.

To note, after a record high closing of 66,427 in mid-December, the index experienced a significant correction, dropping as much as 12.4% from its highs.

The rebound back past its record highs, after 3.5 months, has been fueled by better than expected conclusion of general elections, expectations for interest rate cuts and fresh inflows from the IMF following the Staff-Level Agreement for the final tranche of $1.1 billion.

Furthermore, the government’s efforts to restructure and privatize Pakistan International Airlines Corp (PSX: PIAA) have also played a due role in boosting the investors’ sentiments.

PIA's stock price has seen a surge of 9.3x over the past year, while the year-to-date (YTD) increase stands at almost 4.5x.

“The significant progress on privatization, coupled with the potential new deal with the IMF, has propelled the benchmark KSE 100 index close to its all-time high closing of 66,427, seen in December 2023,” said Mohammad Sohail, CEO Topline Securities.

“Additionally, foreign fund buying, as indicated by NCCPL data, continues to bolster share prices, which are currently trading at an attractive PE of less than 4,” he added.

On another note, FTSE Russell, a leading global index provider kept Pakistan's status as a secondary emerging market.

However, it also kept Pakistan on the watch list for possible demotion from secondary emerging to Frontier market status amid a decline in its index weight over the past few years.

Top Index Movers

From the sector-specific lens, Commercial Banks was the best performing sector, as it added 638 points to the index.

This was followed by Fertilizer with 375, Cement with 186, Power Generation & Distribution with 177, and Oil & Gas Exploration Companies with 128 points, respectively.

Contrary to that, Leather & Tanneries, Inv. Banks / Inv. Cos. / Securities Cos., Transport, Technology & Communication, and Synthetic & Rayon remained red, as they took away 12, 9, 6, 5, and 5 points from the index.

Scrip-wise, MEBL, HUBC, ENGRO, FFC, and MCB were the best-performing stocks during the week as they added 229, 180, 161, 112, and 109 points to the index respectively.

Whereas, SYS, BAFL, SHEL, TRG, and SRVI collectively took away 121 points from the index.

FIPI/LIPI

Foreign investors remained net buyers during the week, purchasing $3.56m worth of equities.

Flow-wise, Insurance Companies were once again the dominant buyers, with a net investment of $9.03m.

They allocated the majority of their capital, $7.55m, to Commercial Banks, while divesting from the Oil and Gas Exploration Companies sector, amounting to $5.04m in sales.

To note, last week insurance companies made a substantial net investment of $24.1 million this week, the highest since March 2020.

On the other hand, the leading sellers were Companies, with a net sale of $7.57m.

Their most substantial sales activity was in Commercial Banks, amounting to $6.22m, while they acquired $0.52m of equities in the Fertilizer.

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Posted on: 2024-03-29T16:44:57+05:00