Weekly Market Roundup

May 17, 2020 (MLN): The KSE-100 index gained around 740 points during the week and closed 34,008-mark i.e. nearly 2.23% percent higher than the closing of the previous week.

According to a research report by Arif Habib Limited, the stock markets gained respite after the easing of lockdown by the federal and provincial governments led to increase in domestic business activity and opening of industries. Furthermore, the outcome of the MSCI EM index review, wherein Pakistan’s status in EM index remained unchanged, also helped in boosting investors’ confidence.

The positive sentiments of the market participants, however, manifested in the last session of the week due to expectation of further rate cut by the SBP, which in turn improved activity in highly levered stocks.

E&P emerged as the best performing sector during the week, as it contributed about 174 points to the benchmark index, followed by Cement and Fertilizer sector which contributed 171 and 159 points, respectively.

Company-wise, the scrips of MARI, FFC, LUCK, NESTLE and OGDC were the most desirable ones as they contributed 75, 72, 97, 59 and 5 points, respectively. On the other hand, the shares of BAHL, SNGP, INDU, PAKT and HUBC were the unwanted ones, as they took away 40, 19, 17, 16, and 14 points, respectively.

Figures released by NCCPL showed that foreign investors dumped USD 10.9 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 5.56 million worth of stocks, followed by USD 4.9 million worth of stocks purchased by Mutual Funds.

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Posted on: 2020-05-17T15:42:00+05:00

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