March 28, 2021 (MLN): The KSE-100 Index gained nearly 620 points during the departed short rollover week and settled at 45,521-mark, i.e. up by 1.38% as compared to the previous week’s closing of 44,901 points.
The benchmark KSE-100 index continued bullish momentum during the week on account of the unchanged policy rate, encouraging current account figures, resumption of Extended Fund Facility (EFF) program as IMF approved $500 million tranche for Pakistan and easing political tensions.
Moreover, other major events during the week that provided a positive trigger to the index were an anticipation of circular debt payment to the energy chain, appreciation of PKR against USD by 0.87% WoW and closed at 154.58, development in India and Pakistan’s bilateral relations, and increase in foreign exchange reserves with the SBP by around $275 million in the week ending 19th March 2021. In addition, investors also cheered refinery policy 2021.
However, despite the host of positive news flow, the index remained under pressure on account of rollover week and resurgence of covid-19 cases, as the positivity ratio jumped to 10% and the government further heightened overall SOPs and once again imposed smart lockdowns in a number of cities across the country to contain the virus.
The technology & Communication sector emerged as the top gainers during the week as it added 333 points to the index followed by Oil & Gas Exploration Companies (+94 pts), Automobile Assembler (+71 pts), Refinery (+62 pts), and Chemical (+50 pts).
Company-wise, the scrips of TRG, PPL, ATRL, OGDC, and ANL closed the week in the green zone, as they gained 280, 65, 56, 47, and 40 points, respectively.
Meanwhile, the KSE All Share Market Cap increased by $1.036 billion or 2.03% over the week, being recorded at $51.989 billion as compared to a Market Cap of $50.95 billion recorded last week.
Figures released by NCCPL showed that foreign investors remained net sellers during the week amounting to $0.12 million, primarily contributed by corporates amounting to $3.5 million. On the local front, investors remained net buyers with Broker Propriety Traders and Mutual Funds doing the bulk of buying amounting to $3.68 million and $1.64 million respectively.
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