July 5, 2020 (MLN): The KSE-100 index gained around 1,111 points during the week and closed 35,051-mark i.e. nearly 3.28% percent higher than the closing of the previous week.
According to Arif Habib Limited, the week started on a positive note owing to the rise in petroleum prices last week, along with an increase in international oil prices. Furthermore, approval of Federal Budget 2020-21 in National Assembly, coupled with monetary funding worth $500 million received from World Bank helped in elevating market sentiments.
Inflation for June’20 remained in line with expectations, whereas urea offtake surged to 76% during the same month, both of which further boosted investors’ confidence, the report added.
Commercial Banks emerged as the best performing sector during the week, as it contributed about 199 points to the benchmark index, followed by sectors such as Cement, Fertilizer and E&P, which combinedly contributed 410 points to the index.
Company-wise, the scrips of LUCK, MCB, TRG, PSO and OGDC were the most desirable ones as they contributed 107, 81, 60, 51, and 47 points, respectively.
Figures released by NCCPL showed that foreign investors dumped USD 20.5 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 17.5 million worth of stocks, followed by USD 9.5 million worth of stocks purchased by local companies. On the contrary, Individual investors sold stocks worth USD 7 million during the week.
Copyright Mettis Link News