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Weekly Market Roundup

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Market Roundup:

The KSE-100 index rose by around 236 points during the week and closed 38,219-mark i.e. nearly 0.62 percent higher than the closing of the previous week.

According to AKD Securities, the local market started the week on a positive note, following encouraging developments on inflation and trade numbers. Moreover, the signing of a peace deal between the USA and the Taliban also attracted positivity form investors.

Despite these advancements, the market erased most of the gains made earlier due to the Fed’s emergency rate cut and consequent reduction in bond yields, which once again, raised the easing expectation amongst market participants.

Commercial Banks snatched nearly 387 points off the KSE-100 index, whereas the Cement Sector contributed around 331 points. Within the winning sector, LUCK, DGKC, MLCF, and FCCL made gains of 115 pts, 52 pts, 39 pts, and 39 pts respectively. On the other hand, HBL, UBL, BAFL, and NBP made the largest losses within the losing sector.  

Figures released by NCCPL showed that foreign investors dumped USD 16 million worth of stocks during the week with foreign corporates doing the bulk of the selling.

On the local front, Mutual Funds picked up USD 15.3 million worth of stocks, followed by USD 11.1 million of stocks purchased by local companies.  

Forex Roundup:

PKR closed little changed, down by just 1 paisa, from the previous week.

Although the dollar appreciated sharply at the start of the week, showing a high (bid) of 154.52, the gains were eliminated as the week progressed as the dollar-rupee parity at the end was 154.24.

10-day volatility increased from 0.46% to 0.64% during the week.

In the open market, the dollar was quoted at 153.80/154.40.

Gold prices per tola increased by Rs.1,750 or 1.87% during the week, closing at Rs. 95,550 as demand for the precious metal increased following uncertainty in the financial markets.

Money Market & Fixed Income Roundup:

Secondary market yields dropped sharply after lower than expected inflation numbers brought down to cut off yields in PIB auction and fueled hopes for a cut in the monetary policy.

Yields for 3 6 and 12-month MTBs came down by 22, 51 and 61 basis points while 3, 5, 10 and 20-year PIBs came down by 37,30,34 and 40 basis points.

Weekly SPI numbers released by the PBS showed the yearly inflation to be 11.56 percent compared to 14.60 percent from a weekly ago.

In the money market, State Bank of Pakistan (SBP) injected Rs.987.50 billion into the market for 7 days at 13.26 percent.

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Posted on: 2020-03-08T15:19:00+05:00

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