Weekly Market Roundup

Abdur Rahman | November 22, 2024 at 08:19 PM GMT+05:00
November 22, 2024 (MLN): Pakistan stocks extended their record-breaking run to close in on the historic 100,000 mark, buoyed by improving economic conditions and falling bond yields.
The stock benchmark KSE-100 Index advanced 3,035 points or 3.2% to 97,798 and notched its fifth consecutive weekly gain, the longest winning streak since April.
The gauge has handed more than 56% returns to investors this year, aided by mutual funds’ net purchases of $136.5 million in Pakistani stocks, the highest since 2017, according to data compiled by MG Research.
Mutual funds are piling into local shares at a record pace on signs of improvement in the nation’s economy, declining interest rates, and a stable rupee.
Pakistan’s economy has stabilized with inflation easing significantly from a record 38% in May 2023 to 7.2% in October. That has allowed the central bank to reduce interest rates by 700bps since June in four consecutive cuts.
Consumer price gains are expected to ease further to below 5% in November, according to MG Research calculations
Despite the stock market's record-breaking rally, the KSE-100 is still traded at 5.8 times future earnings, a multiple that’s 29% lower than its 10-year average.
Throughout the week, KSE-100 traded in a wide range of 5,003 points, between a high of 99,623 (+4,859) and a low of 94,620 (-143) points.
Pakistan stock market's average traded volume rose 12.8% WoW to 990.71 million shares. Traded value also increased 5.4% WoW to Rs34.41 billion.
Market capitalization jumped by $1.11bn or 2.5% to $45.07bn over the week. In PKR terms, market capitalization stood at Rs12.52 trillion.
Top Index Movers
Sector-wise, top positive contributors were Commercial Banks (+1,475pts), Fertilizer (+1,364pts), Miscellaneous (+112pts), Pharmaceuticals (+103pts), and Oil & Gas Exploration Companies (+78pts).
Contrary to that, negative contributions came from Cement (-151pts), Refinery (-54pts), Technology & Communication (-35pts), Textile Composite (-31pts), and Automobile Assembler (-31pts).
The best-performing stocks during the week were FFC (+979pts), MEBL (+393pts), BAHL (+254pts), HBL (+207pts), and MCB (+180pts).
Whereas, the worst-performing were HUBC (-91pts), SEARL (-59pts), TRG (-56pts), LUCK (-52pts), and ATRL (-48pts).
FIPI/LIPI
Foreign investors were net sellers during the week, dumping a significant $33m worth of equities.
Flow-wise, the leading sellers were Foreign Corporates with a net sale of $31.3m. Their most substantial sales activity was in Commercial Banks, amounting to $22.2m.
On the other hand, Companies were the dominant buyers, with a net investment of $13.0m. They allocated the majority of their capital, $9.7m, to Commercial Banks.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 165,266.75 554.83M | -0.55% -907.00 |
ALLSHR | 100,514.49 1,272.68M | -0.56% -563.74 |
KSE30 | 50,816.98 228.82M | -0.65% -332.09 |
KMI30 | 241,219.76 145.16M | -0.35% -851.67 |
KMIALLSHR | 66,650.11 557.68M | -0.56% -372.57 |
BKTi | 46,629.20 108.43M | -0.75% -350.68 |
OGTi | 32,953.00 11.28M | -1.15% -384.23 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 124,100.00 | 124,940.00 121,950.00 | 1745.00 1.43% |
BRENT CRUDE | 66.15 | 66.54 65.76 | 0.70 1.07% |
RICHARDS BAY COAL MONTHLY | 82.25 | 82.25 82.25 | -1.15 -1.38% |
ROTTERDAM COAL MONTHLY | 90.60 | 90.70 90.50 | -0.40 -0.44% |
USD RBD PALM OLEIN | 1,085.00 | 1,085.00 1,085.00 | 0.00 0.00% |
CRUDE OIL - WTI | 62.41 | 62.92 62.05 | 0.68 1.10% |
SUGAR #11 WORLD | 16.32 | 16.74 16.26 | -0.31 -1.86% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|