Market Roundup:

The KSE-100 index gained around 1,305 points during the week and closed 34,111-mark i.e. nearly 3.98% percent higher than the closing of the previous week.

According to a report by AKD Securities, the increase in oil prices provided much-needed support to the oil and gas sector, which emerged one of the top-performing sectors for the week. Furthermore, the decision by Asian Development Bank (ADB) to provide about USD1.7 billion by the end of the calendar year to help Pakistan absorb the fiscal shocks from the Coronavirus pandemic boosted the market sentiments.

The cut in the profit rates on all savings schemes and accounts of the Central Directorate of National Savings (CDNS), as well as ECC’s decision to provide a support package of over Rs. 50 billion for small and medium enterprises further, contributed to the market’s performance.

E&P Sector made the highest gains during the week, as it added 394 points to the benchmark index, followed by Power Generation, Fertilizer, and Cement sector which added 202, 167, and 127 points respectively.

Figures released by NCCPL showed that foreign investors dumped USD 11.5 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 4.2 million worth of stocks, followed by USD 3.5 million worth of stocks purchased by local companies.

Forex Roundup:

PKR continued to gain lost ground against the dollar appreciating by another 30 paisa during the shortened trading week.

The 10-day volatility increased from 11.25 percent to 12.40 percent as the dollar was quoted at high (bid) of 161.70 and a low (ask) of 160.30.

Fixed Income:

Secondary market yields remained relatively unchanged during the week as the 3 and 6-month MTB rates came down by 10 and 9 basis points while the 12-month rate increased by 1 basis point.

Yields of 3, 5, and 10-year PIBs declined by 21, 15, and 7 basis points.

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