June 14, 2020 (MLN): The KSE-100 index gained around 260 points during the week and closed 34,611-mark i.e. nearly 0.76% percent higher than the closing of the previous week.
“The market commenced on a positive note, continuing unprecedented rally witnessed from the last week. Optimism in the bourse was sourced from surge in international oil prices, expectation of reduction in FED on Cement, Government focusing to revive cyclical sector to save jobs by providing benefits in terms of reduction or elimination of custom and additional custom duties on key inputs, and expectation of higher allocation of PSDP”, Arif Habib Limited said in its weekly report.
Commercial Banking Sector emerged as the best performer during the week, as it contributed about 203 points to the benchmark index, followed by sectors such as Cement, Textile, and Pharmaceuticals, which combinedly contributed 207 points to the index.
Company-wise, the scrips of UBL, LUCK, MEBL, BAFL, and FFC were the most desirable ones as they contributed 62, 58, 43, 33 and, 31 points, respectively.
Figures released by NCCPL showed that foreign investors dumped USD 7.72 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 5.96 million worth of stocks, followed by USD 2.1 million worth of stocks purchased by Mutual Funds.
