Weekly Market Roundup

May 02, 2021 (MLN): Bearish sentiments triumphed at the Pakistan Stock Exchange (PSX) during the departed week, with the indices succumbing to selling pressure, due to a rise in the infection ratio, lockdowns in certain areas of the country, and reduced business timings.

Accordingly, the benchmark index edged down by 444ppts or 0.99% WoW to settle at 44,262 level.

Despite improved profitability being witnessed as results were announced during the week, investors' confidence remained jumbled on the back of rising COVID-19 cases and political uncertainty in the country. On a positive note, inflows to foreign exchange through the Roshan Digital Account (RDA) crossed the USD 1bn this week, while the Current Account posted a nominal deficit of USD 47mn for Mar’21. Urea off-take during 1QCY21 swelling by 37%YoY to 1.34mn tons, and total liquid foreign exchange reserves increasing by USD307mn to USD23.5bn at the end of last week.

Sector-wise negative contributions came from Technology & Communication as it took away 110pts from the index during the week. This was followed by Cement (-95pts), Tobacco (-55pts), Engineering (-49pts) and Automobile Assembler (-43pts). Whereas sectors that contributed positively include Textile Composite (+39pts), and Chemical (+16pts).

Scrip-wise major losers were TRG (-82pts), MCB (-65pts), PAKT (-55pts), NBP (-39pts) and INIL (-31pts) while positive contributors included HBL (+48pts), BAHL (+36pts), FFC (+34pts), COLG (+31pts) and UBL (+24pts).

Meanwhile, the KSE All Share Market Cap decreased by Rs70.5billion or 0.91% over the week, being recorded at Rs7.7trillion as compared to a Market Cap of Rs.7.79 trillion recorded last week.

Figures released by NCCPL showed that foreigners appeared as net sellers during the week as they sold a net $13.13million worth of stocks during the week with foreign corporates doing the bulk of selling amounting to $9.48million.

On the domestic front, investors remained net buyers with major buying was reported by Other organizations ($16 million), Mutual Funds ($13.35 million), and Brokers ($0.998 million).

Other significant transactions included $6.27 million, $5.29 million, $2.85 million, and $2.83 million worth of stocks sold by Individuals, Banks/Dfi, Companies, and Insurance Companies respectively.

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Posted on: 2021-05-02T14:16:00+05:00