Index closes the week with a blemish despite foreign buyers remain bullish

KSE – 100 succumbed to profit taking during the last two days of the week. The bullish run in the index commenced on December, 20th while peaking on the 10th of January gaining a net of 14% during the run. Index posted net weekly gain of 410 points after going through two corrections which cumulatively dented the performance of KSE – 100 by 697 points.

Banking sector was among the top highlights of the index during the week as interest rate raise becomes a reality only a short while away. Coupled with that the Foreign Buying was during the said week as positive, clocking in at $ 36 million. Major Foreign Buying was concentrated in Commercial Banks, Cement Sector, and Power & Generation Sectors.

Meanwhile, average daily volumes increased by 29.8% to 213 million shares marked with average daily value which went up by 43.8% to $ 110 million.

The analysts’ consensus’ remains on a relatively stable upcoming week for the KSE – 100 Index. As investors await the protests called by Dr. Tahir-ul-Qadri backed by the two of the biggest political parties in the country; PPP and PTI.

Remittances numbers were also released during the week, which went up by 9.3% totaling at $ 2.4 billion. Pakistan Automotive Manufacturer’s Association also released the car sales numbers for the week which went up20.6% during the cumulative period between July to December of 2017.

KSE – 100 Weekly Performance

NCCPL Data

Investor Wise Data – Last Week

Sector Wise Data – Last Week

Weekly Reserves

The total liquid foreign reserves held by the country stood at US $ 20.020 billion on 05 January 2018.The break-up of the foreign reserves position is as under:-

Summary of Holding and Weekly Change

Foreign reserves held by

Jan 5, 2018

Dec 28, 2017

Change

% Change

State Bank of Pakistan

13,982.50

14,106.70

-124.20

-0.88%

Net Foreign Reserves Held by Banks

6,037.50

6,047.60

-10.10

-0.17%

Total Liquid Foreign Reserves

20,020.00

20,154.30

-134.30

-0.67%

During the week ending 05 January 2018, SBP’s reserves decreased by US $ 124 million to US $ 13,983 million, due to external debt servicing and other official payments.

Weekly SPI

According to figures released by the Pakistan Bureau of Statistics, weekly SPI for the combined group decreased by 0.23% compared to the previous week (Jan 04, 2018), meanwhile registering an increase of 3.06% compared to the corresponding period (Jan 12, 2017) last year.

Sensitive Price Indicator Summary

Index

Jan 11, 2018

Jan 04, 2018

% Change

SPI Combined

224.88

225.39

-0.23%

Of the 15 items monitored, the average weekly price of 17 items registered an increase, 10 decreased while 26 remained unchanged.

Weekly Oil Prices – WTI & BRENT

Oil prices hit $70 per barrel for the first time in more than three years on Thursday. The last time Brent traded that high, prices were falling off a cliff after the November 2014 OPEC meeting left members producing without restraint, leading to a global glut of supply. 

The next steps for oil are unclear. Market sentiment is decidedly bullish, but speculators have piled into extremely bullish bets, which exposes the market to a correction if the upward momentum starts to sputter. 

Weekly WTI & Brent Prices

Benchmark

Jan 8, 2018

Jan 9, 2018

Jan 10, 2018

Jan 11, 2018

Jan 12, 2018

WTI

61.74

62.93

63.53

63.82

64.26

BRENT

67.31

68.34

68.73

68.77

69.38

WTI Week Wise

BRENT Week Wise

Posted on: 2018-01-14T19:14:00+05:00