The KSE-100 index lost around 5,393 points during the week and closed 30,667-mark i.e. nearly 14.96% percent lower than the closing of the previous week.
Terming the weekly performance as a ‘bloody nightmare’, Arif Habib Limited in its report stated that market recorded its largest weekly decline, with the amount of decline in points being the largest in history.
‘Trading began on a negative note this week with manifestation of the unstoppable Coronavirus Pandemic in Pakistan and across the globe which triggered an investor stampede. Whereas declining international oil prices also caused panic amongst market participants as witnessed in a rout in global equities’ the report further stated.
Commercial Banks emerged as the only sector that suffered four-digit losses during the week, as it lost around 1,482 points, followed by Cement, E&P Companies, and Power Generation Sectors, which lost nearly 735, 533 and 423 points respectively. Within the losing sectors, HBL, UBL, LUCK, HUBC and MCB made losses of 371 pts, 366 pts, 361 pts, 334 pts and 264 pts respectively.
Figures released by NCCPL showed that foreign investors dumped USD 19.5 million worth of stocks during the week with foreign corporates doing the bulk of the selling.
On the local front, Insurance Companies picked up USD 23.5 million worth of stocks, followed by USD 19.5 million of stocks purchased by Individuals.
The local currency appreciated by 30 paisa during the week and closed at PKR 158.68 per USD, against previous week’s closing of PKR 158.98 per USD.
The rupee remained heavily exposed to volatility throughout the week, as foreign investors remained engaged in selling T-bills in the local market.
According to the data published by State Bank of Pakistan, the foreign investors pulled back $83 million via SCRA on Monday, and $56.25 Million on Tuesday. Over the course of the week, foreigners pulled out a hefty net amount of Rs 153 billion from local securities.
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