November 8, 2020 (MLN): The KSE-100 index gained around 843 points during the departed week and closed at 40,731-mark i.e. nearly 2.11% percent higher than the closing of the previous week.
According to AKD Equity Research, ‘the market started off on a weak note, with the market participants pricing in rising domestic COVID-19 cases and uncertainty on the US election outcome. Softer than expected inflation reading (8.9%YoY vs. 9.2% consensus estimate), encouraging volumetric offtakes in Cement and OMC sectors, electricity package for the SME (50% tariff reduction on incremental usage) and general industry (25% tariff reduction on incremental usage), and rebound in global markets turned the tide, with KSE-100 index registering 3.5% gain on the second trading session, paring all previous day losses.’
‘After a brief respite on Wednesday, the domestic market regained momentum in line with its global peers, pricing in relatively better visibility on the US election outcome, with Democrats likely to take control of the White House and Republicans expected to maintain their majority in Senate’, the report added.
Commercial Banks, E&Ps, Technology & Communication, Cement, and Textile Composite emerged as the best performing sectors during the week as they contributed around 203, 149, 97, 76, and 59 points respectively.
Company-wise, the scrips of POL, TRG, MEBL, BAFL, and HMB emerged as the top performing scrips as they gained 90, 83, 61, 35 and 35 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 1.2 billion, i.e. 2.6% higher than the previous week.
Figures released by NCCPL showed that foreign investors sold USD 5.49 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 6.92 million.
On the local front, individuals purchased USD 5.36 million worth of stocks, followed by USD 3.6 million worth of stocks bought by insurance companies. Other significant transactions included USD 2.9 million and USD 2.1 million worth of stocks sold by Broker Propriety Trading and Mutual Funds respectively.
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