The KSE-100 index lost 1,097.43 points during the departed week and closed 45,808-mark i.e. nearly 2.34% percent lower than the closing of the previous week.
According to a report by AKD Securities, the benchmark index remained under pressure as investors indulged in profit taking. After a significant result beat by CHCC, entire cement sector remained in the limelight and sector turned out to be the top performer for the week. Key news flows for the week consisted of i) Govt approving Russia's Sputnik V vaccine for emergency use and is also in process of giving approval to private firms to import Covid shots which will be exempted from price caps, ii) The Federal Cabinet giving final approval to the recommendations of the (CCoE) for payment of PkR403bn to IPPs, iii) TERF recording the highest increase of PkR51bn in one week, iv) NEPRA notifying PkR1.54/kWh increase in electricity rates for ex-Wapda Discos, v) OGRA allowing PkR13.42/mmbtu increase in tariff to SNGP, vi) Automobile sales increasing by 59/31% YoY/MoM for Jan'21 taking the total increase for 7MFY21 to 28%YoY’.
The benchmark index was let down by the performance of Commercial Banks, which snatched around 448 points, followed by Fertilizer, Oil & Gas Explorations, and Power Generation & Distribution, which took away 190, 175, and 113 points, respectively. Nonetheless, Cement Sector provided some respite as it contributed around 318 points to the index.
Company-wise, the scrips of UBL, HBL, ENGRO, MCB, and DAWH emerged as the worst-performing stocks for the week as they stripped the index off by 105, 100, 99, 83, and 76 points, respectively. On the other hand, the scrips of LUCK, DGKC, KOHC, PIOC, and TRG contributed around 144, 63, 36, and 35 points, respectively.
Meanwhile, the KSE All Share Market Cap declined by $1.112 billion or 2.10% over the week, being recorded at $51.8 billion as compared to a Market Cap of $53.00 billion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 3.15 million worth of stocks during the week with Foreign Corporates doing the bulk of the selling @ USD 3.28 million. On the local front, Individual Investors bought USD 12.65 million worth of stocks. This was followed by USD 5.92 million worth of securities purchased by Companies.
Excessive selling was witnessed locally as well as Banks/DFIs and Insurance Companies sold stocks worth USD 12.37 million and USD 10.20 million, respectively.
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