Weekly Market Roundup

November 10, 2019 (MLN): The KSE-100 Index gained another 1,600 points over the week and concluded at 35,978-mark, i.e. up by 4.66%, as compared to previous week’s closing of 34,377 points.

Apart from the positive dynamism surrounding the decline in rates of PIBs, the market was driven by some stability in the political environment of the country, as well as improvement in Pakistan’s external account position.

Commercial Banks, Fertilizer Sector and E&P companies emerged as the top gainers during the week, as they collectively contributed 978 points to the index. Company wise, the scrips of MCB, ENGRO, HBL, DAWH and EFERT earned the maximum gains.

Meanwhile, the KSE All Share Market Cap increased by Rs. 262.8 billion or 3.92% over the week, being recorded at Rs. 6.96 trillion compared to a Market Cap of Rs. 6.69 trillion recorded last week.

This week, the local investors bought securities worth of Rs. 54 billion, amongst which, Individual investors emerged as the largest net buyers as they bought securities worth Rs. 34.7 billion. On the other hand, local investors sold securities worth 54.7 billion. This resulted in an overall net buying of Rs. 699.2 million over the week.

Fixed Income Yields

Bond and T-Bill yields rebounded in the secondary market as the CPI numbers, finally released by the Pakistan Bureau of Statistics (PBS), were above market expectations by around 80 bps.

Cut off yield in the Market Treasury Bill auction conducted this week were unchanged from the previous auction.

Yields of 3-, 6- and 12-month T-Bills increased by 20, 23 and 9 basis points while the 3, 5 and 10-year PIB yields increased by 11, 4 and 9 basis points.

Forex summary

Pakistani Rupee (PKR) continued to appreciate against the dollar in the interbank market with the rupee gaining 18 paisa during the week.

The dollar continued to trade at a 5-month low, touching a weekly high (bid) of 155.77 and a low (offer) of 155.47 before closing at 155.4744.

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