Weekly Market Roundup

February 13, 2022 (MLN): The bulls regained control of the stock market this week, as the benchmark KSE 100 index jumped by 170 points or 0.37% WoW to settle at the 46,079 level.

In terms of USD, the index rose by 0.24% from last week.

The optimism among the investors was driven by easing pressure on the current account deficit with the release of IMF $1bn tranche and the expected resumption of the Saudi oil facility.

While another thing that kept the index up was improved results of listed companies along with good dividend payouts.

Furthermore, PKR's stability against the US dollar, approval of the much-awaited textile policy by ECC after incorporating certain amendments, and contraction of Pakistan’s fiscal deficit by 2.1% during 1HCY21, bolstered the favorable trend.

From the sector-specific lens, fertilizer, investment banks, automobile assemblers,  oil & gas exploration companies, Fertilizer, and commercial banks kept the index in green territory as they added 98, 63, 55, 40, and 38 points to the index respectively.

Contrary to that, the technology, cement, oil & gas marketing companies, insurance, and electric & cable goods sector during the week collectively snatched 218 points from the bourse. Cement remained under pressure during the week as coal prices continued their upward march on the back of increased demand for coal-based power generation globally. 

Scrip-wise, ENGRO, DAWH, MEBL, EPCL, and FFC were the best-performing stocks during the week as they added 273 points to the index, whereas PSO, AICL, SYS, MCB, and PAEL eroded 148 points from the index.

Meanwhile, the KSE All Share market cap increased by Rs23.48 billion or 0.3% over the week, being recorded at Rs7.87 trillion as compared to a market cap of Rs7.85tr recorded last week.

Flow-wise, foreigners were the net sellers during the week, offloading stocks worth $5.9mn compared to a net sale of $4.4mn last week. Major selling was witnessed in technology ($3.2mn) and all other sectors ($1.6mn).

On the local side, the majority of the buying was reported by organizations, and individuals amounting to $11.1mn and $3.1mn, respectively. However, mutual funds and insurance companies stood on the other side with net selling of $4.5mn and 3.7mn respectively.

Copyright Mettis Link News