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Weekly Market Roundup

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November 07, 2021 (MLN): Extending rally for the fourth consecutive week, the benchmark KSE100 Index closed up by 1,111 points or 2.4% WoW to settle at 47,296 level. This was the highest weekly gain since May’21.

Growing optimism on Pakistan and IMF talks, Saudi Economic Support package and ease-off in coal prices boosted up investors’ sentiments, a report by spectrum securities highlighted.

In addition, rebound in Pak Rupee against the greenback (settling at Rs170.01), narrowing of the trade deficit on a month-on-month basis by 10% and PM Khan’s announcement of Rs120bn subsidy package on essential food items further kept the momentum robust.

Furthermore, the prospect of an interest rate hike in the upcoming MPS and increase in oil prices, aided the banking and E&P sectors in posting gains while the rapid decline in coal prices kept the cement stocks in the limelight.

From a sector-specific lens, major sectors that kept the index largely in the green zone were Technology, Fertilizer, Refinery and Commercial Banks with 445, 144, 100 and 100 points respectively.

The sectors that contributed negatively included Automobile Parts & Accessories (-16 pts), and Paper & Board (-6 pts).

Scrip-wise major gainers were SYS (221 pts), TRG (188 pts), MEBL (86 pts), NRL (49 pts) and EFERT (46 pts). Whereas major laggards were POL
(-32 pts), LUCK (-24 pts), FML (-16 pts) and THALL (-16 pts).

Meanwhile, the KSE All Share Market Cap increased by a Rs143.4billion or 1.80% over the week, being recorded at Rs8.09trillion as compared to a Market Cap of Rs7.958tr recorded last week.

Flow-wise, foreign investors remained net sellers during the week with an outflow of $11.17mn against an outflow of $2.7mn last week. The major selling was done by Foreign Corporates amounting to a net $9.76mn. Sector-wise, major selling was witnessed in Commercial Banks ($5.6mn) and
Fertilizer ($1.4mn).

On the local side, major buying was reported by Individuals ($14.4mn), Insurance Companies (US$6.5mn), and Brokers ($2.8mn). Other significant transactions included $6.3mn and $3.8mn worth of stocks sold by Mutual Funds and Bank/Dfi respectively.

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Posted on: 2021-11-07T18:09:58+05:00

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