September 11, 2022 (MLN): This week, benchmark KSE-100 index lost 361 points and closed at 41,948 points level, amid devastating impact of floods and political noise.
The market commenced on a negative note this week on account of concerns of inflation and GDP growth post flood crisis in the country, since government estimates the flood losses to be around $15bn-$20bn, a note by Arif Habib Limited said.
Despite disbursement of IMF loan of $1.17bn last week (taking the SBP reserves to $8.8bn), the Pak Rupee continued to weaken against greenback to settle at PKR 228.18 (down by PKR 9.2 or 4% WoW).
Moreover, the cement sector dispatches in Aug’22 witnessed a decline of 24% YoY which further dampened the investor sentiment. Furthermore, urea and DAP sales witnessed a massive fall of 16% and 87% YoY, respectively due to floods. Hence the market remained lackluster, it added.
In USD terms, the index plummeted by 5% this week.
Overall, out of the total 5 sessions, the bourse witnessed 3 sessions in favor of bulls while 2 sessions were in favor of bears. The KSE-100 index oscillated between high and low of 42,388 and 41,677 levels, respectively, before settling the week at 41,948 levels.
From the sector-specific lens, Fertilizer, Banks, Cement, Power Generation & Distribution companies, Food, and Oil & Gas Exploration Companies kept the index in red territory as they took away 93, 77, 54, 45, and 40 points to the index respectively.
Contrary to that, Technology, and Oil & Gas Marketing Companies during the week collectively added 21 points to the bourse.
Scrip-wise, ENGRO, HUBC, HBL, EFERT, and SYS were the worst-performing stocks during the week as they snatched 57, 51, 44, 40, and 30 points to the index respectively. Whereas, TRG, CHCC, POL, DAWH, LOTCHEM collectively added 117 points to the index.
Meanwhile, the KSE All Share market cap decreased by Rs61.3 billion or 0.87% over the week, being recorded at Rs6.9 trillion as compared to a market cap of Rs7tr recorded last week.
Flow-wise, foreigners emerged as net sellers during the week, offloading stocks worth $2.8mn compared to a net sell of $0.69mn last week. Major selling was witnessed in Technology ($1.4mn) and Cement ($0.6mn).
On the local side, the majority of the buying was reported by Companies ($3.2mn) followed by Banks ($2.6mn) and Organizations ($2.2mn). However, Mutual Funds stood on the other side with net selling of $6mn.
Copyright Mettis Link News
Posted on:2022-09-11T16:35:44+05:00
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