Weekly Market Roundup

December 20, 2020 (MLN): The KSE-100 Index gained 1,270 points during the departed week and settled at 43,740-mark, i.e. up by 2.99% as compared to the previous week’s closing of 42,470 points.

The Index has not seen such heights since June 11, 2018 when it last closed above 43,000.

According to the weekly review by Arif Habib Limited “US  FDA’s  finding  of  Moderna’s  vaccine  as “highly effective”   was   a   big   step   closer   to   the   approval   of   another   vaccine   (after Pfizer/BioNTech’s  vaccine) –a  major  boon  for  global  investment  sentiment.”

However, Pakistan saw very little of that sentiment and FIPI numbers from NCCPL showed that foreign investors continued to dump stocks pulling out another USD 9.35 million during the week with foreign corporates doing the bulk of the selling.

Local investors were quick to pick up shares as Banks/Dfis, Individuals and Mutual funds bought shares worth USD 7.08, 5.12 and 3.12 million with brokers and insurers being net sellers.

Top contributors to the index were Commercial banks adding 342 points with Fertilizer and Oil & Gas Exploration Companies adding another 217 and 202 points.

Company wise, the scrips of OGDC (+112 pts), FFC (+95 pts), MEBL (+68 pts), ENGRO (+64 pts) and PSO (+63 pts) contributed the most points.

According to a note by Aba Ali Habib Securities “This week bourse witnessed high volatility with an initial rush of bullish activity later to be stabilized by profit taking”.

Meanwhile, the KSE All Share Market Cap increased by $1.595 billion or 3.29% over the week, being recorded at $50.148 billion as compared to a Market Cap of $48.552 billion recorded last week.

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