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Weekly Market Roundup

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April 25, 2021 (MLN):  The benchmark KSE-100 index remained under pressure during the outgoing week ended on April 23, due to heavy selling on investors’ concerns over rising Covid-19 cases, catalyzing the fear of strict curb imposed in high disease prevailing cities.

Over the week, the market saw four bearish and one bullish sessions. First, the political uncertainty and shutter down calls by religious leaders caved the market, secondly, the sharp increase in COVID-19 cases across the country with the NCOC seriously considering imposing the lockdowns in major cities has shaken market confidence during the week. Although mild relief appeared in the form of robust earnings announcements, it remained short-lived as the market remained jittery due to overall uncertainty in the country.

Consequently, the KSE-100 index closed at 44,706 points, down by 1.32% or 599 points WoW.

Sector-wise, Index was led down by Oil & Gas Exploration Companies as they took away 210 points from the index during the week due to lower Oil and Gas production in 3QFY21. This was followed by Cement (-169pts), Power Generation & Distribution Companies (-97pts), Textile Composite (-87pts) and Chemical (-79pts). Scrip-wise major losers were OGDC (-96pts), HUBC (-76pts), PPL (-56pts), POL (-51pts) and SYS (-48pts).

Meanwhile, the KSE All Share Market Cap decreased by Rs115.2 billion or 1.46% over the week, being recorded at Rs7.79 trillion as compared to a Market Cap of Rs.7.9 trillion recorded last week.

Figures released by NCCPL showed that foreigners appeared as net buyers during the week as they purchased a net $7.3million worth of stocks during the week with foreign corporates doing the bulk of buying amounting to $5.15 million.

On the domestic front, investors remained net sellers with major selling was reported by Mutual Funds ($7.7 million), Companies ($5.34 million), and Banks/Dfi ($0.56 million). Other significant transactions included $3.59 million, $2.43 million,  $0.178 million, and $0.127 million worth of stocks bought by Individuals, Brokers, Other organizations, and Insurance Companies respectively.

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Posted on: 2021-04-25T14:35:00+05:00

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