November 1, 2020 (MLN): The KSE-100 index lost around 1,378 points during the departed week and closed at 39,888-mark i.e. nearly 3.34% percent lower than the closing of the previous week.
According to Aba Ali Habib Securities, the benchmark index breached the 40,000-mark owing to increase in the cases of Covid-19 infections, which could weigh on the economic recovery amid deteriorating law and order situation in country.
Stocks dropped 1,378 points in relatively shorter week after government re-imposed some restrictions i.e. limiting business hours till 10 PM for restaurant and retail sector to curtail second wave of coronavirus. Bourse also took battering due to uncertain political landscape and worsening law and order situation in the country that was highlighted after recent attack in Peshawar, the report added.
Commercial Banks, E&Ps, Fertilizer and Textile Composite emerged as the worst performing sectors during the week, as they took away around 488, 249, 148, and 138 points respectively from the benchmark index.
Company-wise, the scrips of HBL, UBL, POL, ENGRO, and OGDC emerged as the worst performing scrips as they snatched 147, 135, 111, 87 and 60 points respectively.
During the week, 15 companies traded in green while 83 landed in the red zone. The All Share Market Cap declined by nearly USD 1.21 billion, i.e. 2.56% lower than the previous week.
Figures released by NCCPL showed that foreign investors sold USD 21.3 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 22.47 million.
On the local front, Insurance Companies purchased USD 7.4 million worth of stocks, followed by USD 6.4 million worth of stocks bought by individuals. Other significant transactions included USD 2.8 million, USD 2.6 million, and USD 2.4 million worth of stocks sold by Companies, Banks/DFIs, and Mutual Funds respectively.
