Weekly Market Roundup

The KSE-100 index lost 323 points during the departed week and closed 43,416-mark i.e. nearly 0.74% percent lower than the closing of the previous week.

According to a report by AKD Securities, KSE-100 hundred started the rollover week on a negative note as global crude oil prices declined by almost US$3/bb, concerns regarding a potentially more dangerous strain of COVID-19 coupled with increased border tensions took a toll on the market. However, towards mid of the week, market went into a positive momentum on the back of another current account surplus for Nov'20 while oil prices also steadied globally.

The benchmark index was mainly led down by the performance of sectors such as Oil & Gas Exploration Companies and Commercial Banks, as the snatched around 237 and 135 points respectively. On the other hand, the Cement sector performed decently as it contributed 169 points to the index.

Company-wise, the scrips of OGDC, PPL, POL, MEBL and HBL landed in the red zone, as they took away 78, 75, 50, 47, and 36 points, respectively.

Meanwhile, the KSE All Share Market Cap declined by $565 million or 1.13% over the week, being recorded at $49.58 billion as compared to a Market Cap of $50.148 billion recorded last week.

Figures released by NCCPL showed that foreign investors dumped USD 20.43 million worth of stocks during the week with overseas Pakistanis doing the bulk of the selling @ USD 14.38 million. On the local front, Companies picked up USD 25.6 million worth of stocks. Excessive selling was witnessed locally as well as individual investors and Mutual Funds sold stocks worth USD 5.25 million and USD 2.29 million respectively.

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