Weekly Market Roundup

The KSE-100 index lost around 1,172 points during the departed week and closed 33,438-mark i.e. nearly 3.39% percent lower than the closing of the previous week.

According to Arif Habib Limited’s weekly report, “the market commenced on a negative note this week following the FY21 budget announcement which once again included highly ambitious revenue targets. However, rise in international oil prices (benefitting E&P) and news regarding breakthrough in discovery of drug for treating COVID-19 patients, improved investor sentiment briefly. The sentiment was short lived as re-introduction of a “smart lockdown” by sealing off hotspots in cities adversely affected sentiment in the bourse”.

The benchmark index was mainly led down by the performance of sectors such as Commercial Banks, Fertilizer, Cement, and Oil & Gas Marketing Companies, as they looted the index by 292, 206, 183, and 95 points, respectively.

Company-wise, the scrips of UBL, LUCK, ENGRO, FFC and HUBC were the unwanted ones, as they took away 94, 92, 74, 68, and 65 points, respectively.

Figures released by NCCPL showed that foreign investors dumped USD 4.78 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 12.3 million worth of stocks, whereas Mutual Funds, and Local Companies, sold stocks worth USD 2.99 million and USD 2.07 million, respectively.

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