June 27, 2021 (MLN): The benchmark KSE100 Index remained range-bound during the departed week and closed at 47,603pts, down by 635pts or 1.32% WoW.
The rollover week, uncertainty around FATF review, potential downgrade in MSCI review, and uneasiness regarding ongoing talks with IMF led the market on its downward path.
Pessimism at the bourse was further fueled by the unavailability of gas to non-export related industries, Petrol shortage at many fuel stations in Pakistan as oil tankers go on a country-wide strike which might affect the business of exporters, surge in international oil price along with deprecation of PKR might which is expected to push up inflationary readings in upcoming months, a report by Arif Habib highlighted.
Contribution to the downside was led by Cement (-212 pts), Commercial Banks (-178 pts), Oil and Gas Exploration Companies (-58 pts), Pharmaceuticals (-53 pts), and Oil and Gas Marketing Companies (-51 pts).
Scrip-wise major losers were LUCK (-118 pts), TRG (-62 pts), MCB (-60 pts), PSO (-45 pts), and HBL (-44 pts). Whereas, scrip-wise major gainers were SYS (+67 pts), FCEPL (+43 pts), HUBC (+38 pts), ANL (+34 pts), and MTL (+21 pts).
Meanwhile, the KSE All Share Market Cap decreased by Rs78billion or 0.93% over the week, being recorded at Rs8.316trillion as compared to a Market Cap of Rs8.394trillion recorded last week.
Figures released by NCCPL showed that foreigners remained net sellers this week, as they offloaded a net $7.88mn worth of stocks against a net sale of $6.76mn last week. The bulk of selling amounting to $7.228mn was done by Foreign Corporates.
On the domestic front, investors remained net buyers with major buying were reported by Individuals ($13.71mn) followed by Banks ($12.86mn) and Companies ($5.978mn).
