Market Roundup
The KSE-100 Index lost nearly 382 points during the departed week and settled at 40,187-mark, i.e. down by 0.94% as compared to the previous week’s closing of 40,569 points.
According to the report by AKD Securities, surge in COVID -19 cases (avg. positivity rate of 6.7% vs. 5.6% previous week) and announcement of smart/micro lockdowns in major metropolitan centres dampened market sentiments.
Furthermore, elections in Gilgit-Baltistan that took place over the weekend also added to the uncertainty in the bourse despite the decisive victory or ruling party. Participation in the bourse remained weak comparatively, as investors wait for the central bank to announce its monetary policy stance for next two months on 23rdof November, another report by Aba Ali Habib Research cited.
Oil & Gas Exploration Companies emerged as the top losers during the week as it snatched 81.92 points from the index followed by Investment Banks/investment Companies, Securities Companies (-74.15), Cement (-67.41pts), Oil & Gas Marketing Companies (-35.3pts) and Technology & Communication (-34.9 pts).
Company wise, the scrips of DAWH (-68 pts), OGDC (-45 pts), SYS (-44 pts), PPL (-39pts) and COLG (-35pts) endured the maximum losses.
Meanwhile, the KSE All Share Market Cap decreased by Rs.57.87 billion or 0.78% over the week, being recorded at Rs. 7.4 trillion as compared to a Market Cap of Rs. 7.465 trillion recorded last week.
Figures released by NCCPL showed that foreigners remained net sellers during the week as they sold net USD 6.568 million worth of stocks during the week with foreign corporates doing the bulk of selling amounting to USD 8.19 million.
On the local front, individual investors purchased net USD 6.45 million worth of stocks, followed by USD 4.3 million worth of stocks bought by local companies and USD 3.13 million by Insurance Companies. Other significant transactions included USD 6.57 million and USD 3.628 million worth of stocks sold by Mutual Funds and Brokers respectively.
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