Weekly Market Roundup

The KSE-100 index gained around 419 points during the departed week and closed 34,350-mark i.e. nearly 1.24% percent higher than the closing of the previous week.

With regards to the performance of the benchmark index, Arif Habib Limited in its weekly analysis of the stock market reported: “The market opened on a positive note this week, welcoming further ease in lockdown and opening up of several businesses with Standard Operating Procedures (SOPs) in place. Moreover, rising oil prices, with revival of economic activity internationally, kept the E&P scrips under limelight. Besides this, inflation for the month of May’20 also declined to 8.2%, in line with expectations while improvement in exports on a MoM basis also relieved investors”.

The benchmark index was mainly lifted by the performance of sectors such as Commercial Banks, which went up by 401 points over the week. This was followed by Oil & gas Exploration, Automobile and Textile, which contributed 79, 31, and 26 points, respectively.

Company-wise, the scrips of MCB, UBL, POL, HBL and BAHL were the most desirable ones as they contributed 110, 99, 66, 66 and 54 points, respectively.

Figures released by NCCPL showed that foreign investors dumped USD 15.2 million worth of stocks during the week with foreign corporates doing the bulk of the selling.

On the local front, companies picked up USD 7.3 million worth of stocks, followed by USD 6.6 million worth of stocks purchased by Mutual Funds.

Copyright Mettis Link News