October 18, 2020 (MNL): The KSE-100 index lost around 634 points during the departed week and closed at 40,164-mark i.e. nearly 1.55% percent lower than the closing of the previous week.
The week began on a positive note on account of increase in the worker’s remittances and encouraging statements by government officials with regards to Pakistan’s progress on FATF front, AKD Securities said in its weekly analysis of the stock market.
However, it added, with Asia Pacific Group (APG) of the FATF keeping Pakistan on its enhanced follow-up list dragged the market performance into red in its first session. A disappointing result from HASCOL (one of the market’s consistent volume leading scrips) middle of the week, coupled with political noise of upcoming jalsas by opposition parties starting from October 16 kept the investors at bay
E&Ps, Cement, and Power Generation & Distribution emerged as the worst performing sectors during the week, as they took away nearly 212, 115, and 60 points respectively from the benchmark index.
Company-wise, the scrips of HUBC, PPL, OGDC, POL, and MCB emerged as the top losers as they snatched 69, 68, 63, 59 and 47 points from the index.
During the week, 26 companies traded in green while 72 landed in the red zone. The All Share Market Cap declined by nearly USD 319.4 million, i.e. 0.69% lower than the previous week.
Figures released by NCCPL showed that foreign investors sold USD 2.67 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 2.18 million.
On the local front, Banks/DFIs purchased USD 7.59 million worth of stocks, followed by USD 2.37 million worth of stocks bought by Insurance companies. Other significant transactions included USD 3.7 and USD 2.75 million worth of stocks sold by Mutual Funds and Broker Propriety Trading, respectively.
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