Weekly Market Roundup

October 11, 2020 (MLN): The KSE-100 index gained around 727 points during the departed week and closed at 40,798-mark i.e. nearly 1.82% percent higher than the closing of the previous week.

‘The fact that the stock market recovered from its losses from the previous week is more of a reflection of investors sentiments on better results expectation of 1QFY21 amid resuming economic activities and declining interest rates. Moreover, muting political noise and the government initiatives to ensure a positive outcome from upcoming FATF meeting scheduled at the end of October helped to restore investor confidence’, Spectrum Securities said in its weekly market analysis.

Cement, Commercial Banks, and E&Ps emerged as the best performing sectors during the week, as they contributed nearly 173, 119, and 82 points respectively to the benchmark index.

Company-wise, the scrips of HBL, UBL, PSO, OGDC, and LUCK emerged as the top gainers as they contributed 82, 67, 67, 64 and 45 points to the index.

During the week, 67 companies traded in green while 32 landed in the red zone. The All Share Market Cap increased by nearly USD 580.2 million, i.e. 1.27% higher than the previous week.

Figures released by NCCPL showed that foreign investors sold USD 7.44 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 6.54 million.

On the local front, Banks/DFIs purchased USD 7.14 million worth of stocks, followed by USD 6.63 million worth of stocks bought by Insurance companies. Other significant transactions included USD 10.94 and USD 4.09 million worth of stocks sold by individual investors and Mutual Funds, respectively.

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