After a remarkable 2,000-point surge and reaching a new all-time high last week, the market saw profit-taking this week. Despite hitting an intra-week record high of 86,520, selling pressure led the KSE Index to close 231 points lower, finishing the week at 85,250.
Mutual funds were net sellers of a substantial $1.8 million today, marking a shift from their consistent buying trend, which had resulted in net purchases of $90.9 million since early September. Despite last day's net selling this week mutual funds were net buyers of a good amount of $ 7.5 million.
The oil and gas sector experienced significant losses on the final trading day of the week. This sector, with a leading index weight, had been steadily rising due to the re-entry of local funds into the market.
Overseas Pakistanis, typically less active in the Pakistan Stock Exchange (PSX), have joined foreign corporations in a consistent selling spree since the beginning of September, accumulating net sales of $ 6.6 million.
Among local investors, insurance companies have taken a contrarian stance, consistently selling at the PSX since foreign corporations began their sell-off. Despite some days of net buying, they have accumulated net sales of $8.7 million since the start of September. This week insurance companies were net sellers of $ 2.25 millions.
- ATRL (Attock Refinery Limited) – Rs. 386.4, up 23.51%
- PAKT (Pakistan Tobacco Company Limited) – Rs. 1,196.82, up 20.29%
- HGFA (HBL Growth Fund) – Rs. 7.49, up 13.48%
- FCEPL (Frieslandcampina Engro Pakistan Limited) – Rs. 66.18, up 12.90%
- JDWS (JDW Sugar Mills Limited) – Rs. 588.82, up 11.98%
- ISL (International Steels Limited) – Rs. 72.16, up 11.05%
- INIL (International Industries Limited) – Rs. 156.6, up 10.71%
- DCR (Dolmen City REIT) – Rs. 19.74, up 7.52%
- INDU (Indus Motor Company Limited) – Rs. 1,872.02, up 7.51%
- PIBTL (Pakistan International Bulk Terminal) – Rs. 6.64, up 7.10%
