April 04, 2024 (MLN): The benchmark KSE-100 index closed this week at a record high of 68,417 showing an increase of 1,412 points or 2.11% WoW.

Meanwhile, the Pakistani Rupee recorded a marginal gain of 0.01% WTD. In USD terms, the KSE-100 index also gained 2.11% this week.

Throughout the week, KSE-100 oscillated in a range of 1,866 points, between high and low of 68,439 and 66,574 levels, respectively, before settling the week at 68,417.

The market turnover saw a fall during the week, with an average traded volume of 129 million shares worth Rs6.96 billion, marking a decrease of 22.11% WoW in the number of shares and 17.11% WoW in traded value.

Moreover, the overall PSX average traded volume (All-Share) was recorded at 307m shares worth Rs11.77bn, marking a decrease of 7.15% WoW in the number of shares and 0.22% WoW in traded value.

In a major development, Engro Energy Limited, a wholly owned subsidiary of Engro Corporation Limited (PSX: ENGRO), has entered into definitive agreements with a consortium for the sale of its stake in thermal assets worth Rs34.75bn.

On the economic front, the headline inflation slowed to a 22-month low of 20.7% YoY in March.

However, on a monthly basis, it surged 1.7%, posing threats for elevated prices going forward.

Moreover, the government increased petrol prices by Rs9.66 per litre for the first half of April 2024.

The latest trade numbers also showed a substantial 24.6% MoM rise in the trade deficit to $2.17 billion, compared to $1.74bn recorded in the previous month.

Exports showed a marginal drop, while imports also fell significantly.

The government conducted two auctions during the week, picking up Rs557.6bn through MTBs at unexpectedly higher yields, and Rs5.4bn through PIB-PFL auction.

Surprisingly, the central bank increased the cut-off yields for the six-month T-Bills by 101 basis points, further threatening rate cut hopes in April's meeting.

Top Index Movers

From the sector-specific lens, Commercial Banks was the best performing sector, as it added 367 points to the index.

This was followed by Fertilizer with 278, Inv. Banks / Inv. Cos. / Securities Cos. with 201, Oil & Gas Exploration Companies with 153, and Cement with 148 points, respectively.

Contrary to that, Chemical, Paper & Board, Tobacco, Textile Composite, and Synthetic & Rayon remained red, as they took away 25, 21, 19, 14, and 7 points from the index.

Scrip-wise, DAWH, ENGRO, EFERT, PPL, and SYS were the best-performing stocks during the week as they added 200, 157, 101, 84, and 81 points to the index respectively.

Whereas, PTC, PAKT, COLG, PKGS, and MARI collectively took away 108 points from the index.

FIPI/LIPI

Foreign investors were net buyers during the week, purchasing $3.86m worth of equities.

Flow-wise, Foreign Corporates were the dominant buyers, with a net investment of $3.81m. They allocated the majority of their capital, $1.69m, to Commercial Banks.

On the other hand, the leading sellers were Insurance Companies, as they dumped $5.6m worth of stocks.

Their most substantial sales activity was in Oil and Gas Exploration Companies, amounting to $3.6m.

To note, this comes after significant net buying by insurance companies in the first quarter of 2024.

Copyright Mettis Link News

Posted on: 2024-04-04T21:42:16+05:00