The KSE-100 index lost barely 27.67 points during the departed week and closed 45,837-mark i.e. nearly 0.06% percent lower than the closing of the previous week.
The stock markets seemed to be highly affected by the hype created around, as well as the results of the senate elections, whereon the joint opposition’s candidate Syed Yousaf Raza Gilani secured victory by defeating PTI’s candidate Dr. Abdul Hafeez Sheikh on general seat in the Federal Capital. Nonetheless, Pakistan Tehreek-e-Insaf emerged as the majority party in the Senate after the elections on thirty-seven vacant seats of the Upper House held on Wednesday.
The benchmark index was let down by the performance of Cement sector, which snatched around 85 points, followed by Pharmaceutical sector, which took away 39 points. Nonetheless, E&P sector provided some respite as it contributed around 54 points to the index. Likewise, Power Generation, Oil & Gas Marketing and Chemical sectors cumulatively contributed 101 points to the index.
Company-wise, the scrips of LUCK, UBL, HBL, FFC, and SYS emerged as the worst-performing stocks for the week as they stripped the index off by 45, 41, 37, 18, and 16 points, respectively. On the other hand, the scrips of KAPCO, TRG, BAFL, OGDC, and MCB contributed around 42, 40, 39, 36, and 32 points, respectively.
Meanwhile, the KSE All Share Market Cap increased by $226.7 million or 0.44% over the week, being recorded at $52.1 billion as compared to a Market Cap of $51.9 billion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 10.66 million worth of stocks during the week with Foreign Coporates doing the bulk of the selling @ USD 9.63 million.
On the local front, Insurance Companies and Banks/DFIs purchased USD 8.40 million and USD 7.98 million worth of stocks, respectively. Excessive selling was witnessed locally as well as Mutual Funds sold stocks worth USD 9.37 million during the week.
Copyright Mettis Link News
40071
