April 04, 2021 (MLN): The KSE-100 Index plunged by 1220.68 points during the departed week and settled at 44,300.95-mark, i.e. down by 2.68% as compared to the previous week’s closing of 45,521.63 points.
During the start of the week, the benchmark index nosedive over 1000 pts dented by strict lockdown speculations due to exponential rise in Covid tally, however, the countermeasures which the government took, include smart lockdown in different areas of Punjab. Despite positive news flow on the economic front which includes higher than anticipated tax collection, highest monthly exports in last 10 years 13 4 MoM in Mar’ 21 and jump in forex reserves on IMF inflows, the benchmark index extended losses, as per the report by Spectrum Securities.
Technology & Communication emerged as the top losers during the week as it snatched 342 points from the index on the back of this decline to the global selloff in technology, appreciation in PKR against USD as their revenue is linked with USD coupled with profit booking as scrips were trading at higher price multiples. This was followed by Commercial Banks (-164pts), Oil & Gas Marketing Companies (-152pts), Cement (-143pts) and Power Generation & Distribution (-117pts).
Company wise, the scrips of HBL (-50pts), ATRL (-44pts), KAPCO (-39 pts), ANL (-38pts) and OGDCL (-36pts) endured the maximum losses.
Meanwhile, the KSE All Share Market Cap decreased by Rs.202 billion or 2.52% over the week, being recorded at Rs. 7.83 trillion as compared to a Market Cap of Rs. 8.04 trillion recorded last week.
Figures released by NCCPL showed that foreigners remained net sellers during the week as they sold net USD 4.93 million worth of stocks during the week with foreign corporates doing the bulk of selling amounting to USD 3.94 million.
On the local front, major buying was reported by Insurance Companies (USD 6.79 million) and Individuals Investors (USD 5.39 million). Other significant transactions included USD 11.40 million and USD 5.48 million worth of stocks sold by Mutual Funds and Brokers respectively.
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