Weekly Market Roundup

Market Roundup

The KSE-100 index lost around 843 points during the week and closed 33,267-mark i.e. nearly 2.47% percent lower than the closing of the previous week.

According to Arif Habib’s report, a massive fall in exports by 54% YoY in last month, followed by a fall in cement dispatches during the month of April amid lockdown, contributed to the weak sentiments.  Moreover, IMF’s prediction regarding total foreign reserves depletion by USD 1.9 billion in the coming 15 months added fuel to the index’s decline, the report added.

Commercial Banks emerged as the least performing sector during the week, as it took away about 244 points from the benchmark index, followed by Cement, Power Generation, and Fertilizer sector which snatched 209, 153, and 133 points, respectively.

Figures released by NCCPL showed that foreign investors dumped USD 17.8 million worth of stocks during the week with foreign corporates doing the bulk of the selling.

On the local front, Individual Investors picked up USD 20.3 million worth of stocks, followed by USD 5.7 million worth of stocks purchased by local companies.

Forex Roundup

PKR continued to appreciate against the dollar, gaining another 20 paisa during the week to extend its gains since April 10 to Rs.6.8 or 4.09 percent.

The dollar was quoted in a range of 160.45 (Bid) and 158.25 (Ask) with 10-day volatility decreasing from 12.40% to 6.41%.

Fixed Income

Secondary market yields were up for almost tenors as the 12 months cut off yield in the latest auction went up by 27.5 basis points.

Yields for 3, 6, and 12-month MTBs increased by 31, 50, and 55 basis points while 3, 5 and 10-year PIBs increased by 13, 18, and 18 basis points.

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