Weekly Market Roundup

January 04, 2024 (MLN): Bullish sentiments remained intact the past week as the benchmark KSE-100 index continued its upward march while investors actively booked profits.

The index ended the week at 117,586.98, posting a modest weekly gain of 6,235.81 points or 5.6% WoW.

Intraday swings were significant, with the index reaching a high of 118,367.81 (+780.83 points) and a low of 111,916.7 (-5,670 points).

In USD terms, the index significantly improved from last week’s 1.66% increase as it surged by 5.56% this week.

On the economic front, the government has launched "Uraan Pakistan" Homegrown National Economic Plan 2024-29 as a historic step toward Pakistan's economic development.

In addition, SBP reserves stood at $11.71 billion on a weekly basis, down by $143 million due to external payments.

Despite the volatility, positive economic cues helped stabilize investor sentiment, pushing the KSE-100 index’s fiscal year-to-date returns stood around 50%.

Top Index Movers

Sector-wise, Commercial Banks, Fertilizer, Investment Banks, and Technology & Cement were the top contributing sectors, adding 2,081.91, 1,750.99, 695.71, and 292.11 points, respectively.

Contrary to that, Insurance, Tobacco, and Paper, Board & Packaging dented the index by 19.86, 11.94, and 5.08 points, respectively.

EFERT emerged as the best-performing stock of the week, contributing 763.397 points to the index. It was followed by ENGRO, HBL, DAWH, and FFC, which added 523, 486.21, 478.19, and 407.52 points, respectively.

Conversely, TRG, FCCL, INDU, and COLG weighed on the index, losing 78.2, 41.47, 33.27, and 21.38 points, respectively.

FIPI/LIPI

This week, foreign investors were net buyers, recording an investment of $873.37 thousand.

Among them, foreign corporates led the buying spree with $1.03 million, while foreign individuals purchased securities worth $5.73 thousand.

On the other hand, overseas Pakistanis sold securities amounting to $168.54 thousand.

Meanwhile, local investors emerged as net sellers this week, offloading equities worth $873.37 thousand.

Among them, companies led the selling activity with net sales of $11.31m while, mutual funds acquired securities worth $16.92m.

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