October 25, 2020 (MLN): The KSE-100 index gained around 1,101 points during the departed week and closed at 41,266-mark i.e. nearly 2.74% percent higher than the closing of the previous week.
Despite the not-so-fruitful outcome from the meeting with the FATF, the week began as well as ended on a positive note on account of improving external situation and PKR stability, which smoothened cost pressures for import reliant sectors, AKD Securities said in its weekly analysis.
Moreover, the earnings outperformance for the latest reported period for Banks and Fertilizers, where resumption of payouts for Banks was a notable catalyst, added to the positive sentiments. Other developments during the week included the current account surplus of US $73 million posted by Pakistan for the month of September.
Furthermore, the ECC approved supply of RLNG till the end of November 2020, ensuring the supply of RLNG to fulfill the requirements of two fertilizer plants namely Agritech and Fatima Fertilizer, the report added.
Cement, Commercial Banks, Fertilizer and Automobile Assembler emerged as the best performing sectors during the week, as they contributed around 251, 241, 229, and 74 points respectively to the benchmark index.
Company-wise, the scrips of ENGRO, BAHL, LUCK, EFERT, and MEBL emerged as the top performers as they brought in 143, 129, 66, 61 and 58 points respectively.
During the week, 77 companies traded in green while 22 landed in the red zone. The All Share Market Cap increased by nearly USD 1.23 billion, i.e. 2.82% higher than the previous week.
Figures released by NCCPL showed that foreign investors sold USD 6.87 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 9.61 million.
On the local front, Mutual Funds purchased USD 7.61 million worth of stocks, followed by USD 4.7 million worth of stocks bought by companies. Other significant transactions included USD 7.7 million worth of stocks sold by Banks/DFIs.
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