The KSE-100 index gained 520.25 points during the departed week and closed 46,905-mark i.e. nearly 1.12% percent higher than the closing of the previous week.
According to a report by AKD Securities, ‘key news flows for the week consisted of, i) Pakistan beginning vaccination drive with first batch of 500K doses of Sinopharm vaccine arriving in Pakistan and AGP Pakistan Ltd securing Emergency Use Authorization (EUA) from DRAP for Sputnik V (COVID-19 vaccine), to be imported from Russia, ii) Jan’21 inflation contained at 5.7%YoY as compared to an increase of 8.0% in Dec’20 and 14.6% in Jan’20, iii) local cement sales displaying growth of 17%YoY to 27.65mn tonnes in 7MFY21 on the back of robust construction demand, and iv) Govt. announcing primary surplus of 0.7% of GDP during 1HFY21, similar to same period last year. Apart from E&P space, Power and OMCs amongst the mainboards gained 3.1%WoW and 2.5%WoW respectively, on developments relating to clearance of circular debt’.
The benchmark index was lifted by the performance of Oil & Gas Exploration Companies, which contributed around 334 points to it on account of increase in oil prices. This was followed by Power Generation & Distribution, which brought in 101 points.
Company-wise, the scrips of MARI emerged as the best-selling stock for the week as it contributed 147 points to the index on the back of dividend cap removal. On the other hand, OGDC, HUBC, POL, and ENGRO contributed around 93, 78, 56, and 56 points, respectively.
Meanwhile, the KSE All Share Market Cap increased by $547.56 million or 1.04% over the week, being recorded at $53. billion as compared to a Market Cap of $52.45 billion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 2.73 million worth of stocks during the week with Foreign Corporates doing the bulk of the selling @ USD 2.75 million. On the local front, Individual Investors bought USD 9.49 million worth of stocks. This was followed by USD 6.58 million worth of securities purchased by Companies.
Excessive selling was witnessed locally as well as Insurance Companies and Mutual Funds sold stocks worth USD 3.5 million and USD 1.9 million, respectively.
Copyright Mettis Link News
39590
