Market Roundup
The KSE-100 Index lost nearly 162 points during the departed week and settled at 40,569-mark, i.e. down by 0.4% as compared to the previous week’s closing of 40,731 points.
According to a research note by AKD Securities, ‘KSE100’s sentiment remained mixed during the outgoing week on the back of positive developments globally being offset increasing COVID-19 cases locally.’
‘Starting the week with clarity over US elections, the index showed strength in the initial hours of the first trading session however gains were later pared on the back of an alarming increase in COVID-19 positivity ratio (standing around 5% currently). Pfizer’s announcement of its vaccine being 90% effectively instilled euphoria in inter-national markets and KSE-100 followed with an increase of 369 points during the second trading session of the week however once again alarming increase in COVID-19 cases turned out to be a dampener with KSE-100 decreasing by 633pts during the fourth session’, the report added.
Cement emerged as the top losers during the week as it snatched 138.46 points from the index owing to increasing coal prices and decrease in dispatches during the ongoing month followed by Oil & Gas Marketing Companies (-108.69), Power Generation & Distribution (-48.76 pts), Automobile Assembler (-30.98pts) and Insurance (-28.15 pts).
Company wise, the scrips of LUCK (-68 pts), SNGP (-55 pts), PSO (-34 pts), HUBC (-27 pts) and MLCF (-26pts) endured the maximum losses.
Meanwhile, the KSE All Share Market Cap decreased by Rs. 71.31 billion or 0.95% over the week, being recorded at Rs. 7.465 trillion as compared to a Market Cap of Rs. 7.536 trillion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 7.36 million worth of stocks during the week with foreign corporates doing the bulk of selling.
On the local front, individual investors purchased USD 7.52 million worth of stocks, followed by USD 3.30 million worth of stocks bought by Banks/DFI. Other significant transactions included USD 3.72 million and USD 0.84 million worth of stocks sold by Mutual Funds and NBFC respectively.
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