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The PSX index gains more than 1,100 points in a week – Journal
KARACHI: The benchmark index of the Pakistan Stock Exchange (PSX) closed at 47,296 points on the last day of the week, up 1,111 points or 2.4%, week over week.
According to Arif Habib Ltd, the talks started on a positive note on Monday as the government managed to convince Tehreek-i-Labbaik Pakistan to call off its protests. Additionally, a rebound in the rupee against the greenback, which stood at Rs 170.01, also played a key role in improving sentiment.
A substantial reduction in international coal prices, which fell 34% week-on-week, as well as a 10% narrowing of the trade deficit on a monthly basis further strengthened sentiment.
Prime Minister Imran Khan’s announcement of a 120 billion rupee subsidy program for essential foodstuffs kept the momentum positive, although profit-taking took place briefly in a few stocks, he added. .
Sectors that contributed positively to the benchmark include technology, which added 490 points, followed by fertilizers (136 points), refinery (115 points), petroleum marketing companies (36 points) and textile composites (33 points). The sectors which contributed negatively to the KSE-100 index are textile weaving (14 points) and paper and cardboard (nine points).
Positive script contributors include Systems Ltd (241 points), TRG Pakistan (210 points), Meezan Bank Ltd (72 points), National Refinery Ltd (48 points) and Fauji Fertilizer Company Ltd (41 points). Meanwhile, the stocks that took points off the benchmark were United Bank Ltd (38 points), Lucky Cement Ltd (35 points) and Habib Bank Ltd (33 points).
Foreign sales in the outgoing week were $ 11.2 million compared to net sales of $ 2.7 million the week before. Significant sales took place in stocks belonging to the commercial banking ($ 5.6 million) and fertilizers ($ 1.4 million) sectors.
On the local front, the biggest buyers remained individuals who bought shares for $ 14.5 million, followed by insurance companies who bought shares for $ 6.5 million. Average daily volume reached 430 million shares, up 2.4% from a week ago. The average traded value was $ 89 million in the outgoing week, up 121% from a week ago.
AKD Securities said in a research note that the flow of information regarding the International Monetary Fund (IMF) review will boost market sentiment in the near term.
Other key factors influencing the performance of the stock market include the reclassification of Pakistan in the MSCI Frontier Markets Index from the MSCI Emerging Markets Index. The change will take effect at the end of November.
The next monetary policy announcement is also expected at the end of this month.
We continue to advocate for thematic games, which include banking (on monetary tightening), sectors driven by construction (cement and steel) and textiles (on devaluations and strong export prospects), a- he declared.
Posted in Dawn, le 7 November 2021
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