March 22, 2024 (MLN): The benchmark KSE-100 index recorded a weekly gain of 335 points, or 0.52% to close at 65,152, as insurance companies largely absorbed the selling pressure throughout the week.
Insurance companies made a substantial net investment of $24.1 million this week, the highest since March 2020.
Moreover, the Pakistani Rupee recorded a gain of 0.22% WoW.
In USD terms, the KSE-100 index gained 0.74% this week.
Throughout the week, KSE-100 oscillated in a range of 1,384 points, between high and low of 66,196 and 64,812 levels, respectively, before settling the week at 65,152.
The KSE-100 average daily traded volume was recorded at 150 million shares worth Rs7.53 billion, marking an increase of 1.42% WoW in the number of shares and 18.52% WoW in traded value.
Meanwhile, the overall PSX average traded volume (All-Share) fell to 295m shares worth Rs11.03bn, a decrease of 13.02% WoW in the number of shares and 3.71% WoW in traded value.
During the week, the International Monetary Fund (IMF) staff and the Pakistani authorities have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement, subject to the approval of the IMF’s Executive Board.
Upon approval, Pakistan will have access to SDR 828 million which is around $1.1bn.
In a major development, the central bank left its policy rate unchanged at 22% for the sixth consecutive meeting.
On the economic front, Pakistan posted a current account surplus of $128m in February. The month also saw the nation secure net FDI of $131m.
Moreover, the cash-strapped nation attracted $141m under Roshan Digital Accounts during the month.
The government conducted two auctions during the week, picking up Rs704bn through MTBs at slightly higher yields, and Rs17.6bn through PIB-PFL auction.
Furthermore, the country borrowed $332.6m in February through multiple financing sources.
Top Index Movers
From the sector-specific lens, Commercial Banks was the best performing sector, as it added 309 points to the index.
This was followed by Fertilizer with 263, Inv. Banks / Inv. Cos. / Securities Cos. with 209, Paper & Board with 34, and Automobile Assembler with 29 points, respectively.
Contrary to that, Cement, Oil & Gas Exploration Companies, Technology & Communication, Refinery, and Food & Personal Care Products remained red, as they took away 244, 156, 40, 30, and 23 points from the index.
Scrip-wise, DAWH, MEBL, FFC, NBP, and MCB were the best-performing stocks during the week as they added 212, 172, 164, 105, and 77 points to the index respectively.
Whereas, PPL, OGDC, HBL, SYS, and LUCK collectively took away 469 points from the index.
FIPI/LIPI
Foreign investors remained net buyers during the week, acquiring $1.98m worth of equities.
Flow-wise, Insurance Companies were the dominant buyers, with a significant net investment of $24.13m.
They allocated the majority of their capital, $7.48m, to Fertilizer, while divesting from the Textile Composite sector, amounting to $0.93m in sales.
On the other hand, the leading sellers were Companies, with a net sale of $8.96m.
Their most substantial sales activity was in Commercial Banks, amounting to $7.54m, while they acquired $0.02m of equities in the Power Generation and Distribution.
To note, the KSE-100 has gained 23,699 points or 57.17% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 2,701 points, equivalent to 4.32%.
Copyright Mettis Link News
Posted on: 2024-03-22T17:47:43+05:00
