Weekly Market Roundup

The KSE-100 index gained almost 500 points during the departed week and closed 33,939-mark i.e. nearly 1.50% percent higher than the closing of the previous week.

According to Aba Ali Habib Securities, the local bourse ended the week in green due to improving regional cues and further monetary easing. The central bank slashed the policy rate by 100 bps to 7% in unscheduled MPC meeting on 25^th Jun’20, based its decision on improved inflation outlook (7-9% in FY21) and measures to support growth. Investors’ sentiments remained upbeat during the week as central bank received USD 1.725 bn during the week from multilateral institutions to support the government of Pakistan’s efforts to strengthen the health system amid pandemic

Fertilizer emerged as the best performing sector during the week, as it contributed about 250 points to the benchmark index, followed by Cement sector, which combinedly contributed 108 points to the index. Company-wise, the scrips of ENGRO, FFC, DAWH, EFERT, and HUBC were the most desirable ones as they contributed 102, 94, 79, 48 and 45 points, respectively.

Figures released by NCCPL showed that foreign investors dumped USD 9.88 million worth of stocks during the week with foreign corporates doing the bulk of the selling.

On the local front, Insurance companies picked up USD 7.03 million worth of stocks, followed by USD 3.4 million and USD 1.47 million worth of stocks purchased by Mutual Funds and Banks/DFIs, respectively.

Copyright Mettis Link News