April 17, 2022 (MLN): In response to clarity on the political front, the outgoing week witnessed a return of the bulls to the local bourse as it posted the highest WoW increase since 3rd April 2020. The bourse closed at 46,602 points, up by 2,157 points or 4.9% WoW.
Following the honorable supreme court intervention, the voting took place in the National Assembly and the opposition was won by a majority of votes. This provides a clear direction to investors.
Moreover, PKR underwent robust recovery during the week, closing at 181.55, marking 3.3 rupees against the greenback as the previous week was concluded at PKR 184.68 per USD. Additionally, the country received record-high remittances this month clocking in at $28.3bn, showing a 28% increase in MoM, on account of Ramadan / Eid.
During the week, the bourse witnessed 4 sessions in favor of bull while1session ended in the favor of bear. The KSE-100 index oscillated between high and low of 46,786 & 44,445 levels, respectively, before settling the week at 46,602 levels.
From the sector-specific lens, Commercial banks, Technology, Fertilizer, Cement, and Refinery kept the index in green territory as they added 395, 268, 263, 241, and 129 points to the index respectively.
Contrary to that, Real Estate Investment Trust, Vanaspati & Allied Industries, and Close-End Mutual Fund during the week collectively took away 5 points to the bourse.
Scrip-wise, ENGRO, TRG, MEBL, HBL, and SYS were the best-performing stocks during the week as they added 153, 137, 122, 85, and 80 points to the index respectively. whereas COLG, FABL, FATIMA ABL, and DCR took away 35 points from the index.
Meanwhile, the KSE All Share market cap decreased by Rs283.5 billion or 3.79% over the week, being recorded at Rs7.75trillion as compared to a market cap of Rs7.47tr recorded last week.
Flow-wise, foreigners were the net buyers during the week, purchasing stocks worth $1.3mn compared to a net sale of $3.13mn last week. Sector-wise, major selling was witnessed in Technology ($2.2mn) and Fertilizer ($1.16mn).
On the local side, the majority of the selling was reported by Mutual Funds, Insurance Companies, Brokers, and Banks amounting to $9.9mn, $7.8mn, $3.6mn, and $2.9mn, respectively. However, Individuals stood on the other side with net buying of $18.9mn.
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