January 17, 2021 (MLN): The KSE-100 index gained 276.66 points during the departed week and closed 45,931-mark i.e. nearly 0.61% percent higher than the closing of the previous week.
‘Crossing the 46,000 mark after 32 months, KSE-100 had a roller coaster ride this week as after remaining jittery at the start of week, market picked up momentum from second trading session of the week on the back of strong improvement being witnessed in economic indicators where LSM posted 14.5% YoY growth in November 2020. However, towards the latter half, optimism dissipated, and investors opted to book profits’, AKD Securities said in its weekly report.
The benchmark index was lifted by the performance of Technology & Communication, which contributed around 168 points to it. This was followed by Power Generation & Distribution, Engineering, and Textile Composite which contributed 66, 41, and 38 points, respectively.
Company-wise, the scrips of SYS, TRG, INIL, KAPCO and GHGL closed the week in the green zone, as they gained 89, 82, 42, 41, and 37 points, respectively.
Meanwhile, the KSE All Share Market Cap decreased by $74.04 million or 0.14% over the week, being recorded at $51.81 billion as compared to a Market Cap of $50.89 billion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 2.1 million worth of stocks during the week with Foreign Corporates doing the bulk of the selling @ USD 3.25 million. On the local front, Individual Investors bought USD 24 million worth of stocks. Excessive selling was witnessed locally as well as Insurance Companies sold stocks worth USD 10.88 million.
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