Weekly Market Roundup

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By Abdur Rahman | November 22, 2024 at 08:19 PM GMT+05:00

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November 22, 2024 (MLN): Pakistan stocks extended their record-breaking run to close in on the historic 100,000 mark, buoyed by improving economic conditions and falling bond yields.

The stock benchmark KSE-100 Index advanced 3,035 points or 3.2% to 97,798 and notched its fifth consecutive weekly gain, the longest winning streak since April.

The gauge has handed more than 56% returns to investors this year, aided by mutual funds’ net purchases of $136.5 million in Pakistani stocks, the highest since 2017, according to data compiled by MG Research.

Mutual funds are piling into local shares at a record pace on signs of improvement in the nation’s economy, declining interest rates, and a stable rupee.

Pakistan’s economy has stabilized with inflation easing significantly from a record 38% in May 2023 to 7.2% in October. That has allowed the central bank to reduce interest rates by 700bps since June in four consecutive cuts.

Consumer price gains are expected to ease further to below 5% in November, according to MG Research calculations

Despite the stock market's record-breaking rally, the KSE-100 is still traded at 5.8 times future earnings, a multiple that’s 29% lower than its 10-year average.

Throughout the week, KSE-100 traded in a wide range of 5,003 points, between a high of 99,623 (+4,859) and a low of 94,620 (-143) points.

Pakistan stock market's average traded volume rose 12.8% WoW to 990.71 million shares. Traded value also increased 5.4% WoW to Rs34.41 billion.

Market capitalization jumped by $1.11bn or 2.5% to $45.07bn over the week. In PKR terms, market capitalization stood at Rs12.52 trillion.

Top Index Movers

Sector-wise, top positive contributors were Commercial Banks (+1,475pts), Fertilizer (+1,364pts), Miscellaneous (+112pts), Pharmaceuticals (+103pts), and Oil & Gas Exploration Companies (+78pts).

Contrary to that, negative contributions came from Cement (-151pts), Refinery (-54pts), Technology & Communication (-35pts), Textile Composite (-31pts), and Automobile Assembler (-31pts).

The best-performing stocks during the week were FFC (+979pts), MEBL (+393pts), BAHL (+254pts), HBL (+207pts), and MCB (+180pts).

Whereas, the worst-performing were HUBC (-91pts), SEARL (-59pts), TRG (-56pts), LUCK (-52pts), and ATRL (-48pts).

FIPI/LIPI

Foreign investors were net sellers during the week, dumping a significant $33m worth of equities.

Flow-wise, the leading sellers were Foreign Corporates with a net sale of $31.3m. Their most substantial sales activity was in Commercial Banks, amounting to $22.2m.

On the other hand, Companies were the dominant buyers, with a net investment of $13.0m. They allocated the majority of their capital, $9.7m, to Commercial Banks.

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Name Price/Vol %Chg/NChg
KSE100 133,719.23
31.51M
0.86%
1142.24
ALLSHR 83,638.73
139.46M
0.79%
655.05
KSE30 40,671.38
7.34M
0.77%
312.58
KMI30 191,857.31
7.74M
0.59%
1129.99
KMIALLSHR 56,086.13
67.28M
0.70%
387.66
BKTi 37,007.10
4.17M
2.11%
765.04
OGTi 28,255.80
0.97M
-0.24%
-67.62
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,575.00 112,170.00
111,420.00
-670.00
-0.60%
BRENT CRUDE 70.30 70.34
69.91
0.11
0.16%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.45 68.48
68.04
0.07
0.10%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

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