Weekly Market Roundup

November 17, 2019 (MLN): The KSE-100 Index gained another 1,605 points over the week and concluded at 37,583-mark, i.e. up by 4.46%, as compared to previous week’s closing of 35,978 points.

Commercial Banks, Power Generation & Distribution, Cement and E&P companies emerged as the top gainers during the week, as they collectively contributed 994 points to the index. Company wise, the scrips of HUBC, HBL, BAHL, ENGRO and TRG earned the maximum gains.

Meanwhile, the KSE All Share Market Cap increased by Rs. 253.4 billion or 3.64% over the week, being recorded at Rs. 7.22 trillion as compared to a Market Cap of Rs. 6.66 trillion recorded last week.

This week, the local investors bought securities worth Rs. 66.7 billion, amongst which, Individual investors emerged as the largest net buyers as they bought securities worth Rs. 41.9 billion. On the other hand, local investors sold securities worth Rs. 67.3 billion. This resulted in an overall net selling of Rs. 651.7 million over the week.

Forex Update:

The Rupee continued it run against the dollar for the sixth successive week, gaining 8 more paisa with the dollar closing at 155.39 compared to 155.47 from the previous Friday.

During the last six weeks the PKR has appreciated by 1.13 Rupees against the dollar.

Data released by the State Bank of Pakistan of showed PKR’s Real Effective Exchange rate increased by 1.91 percent in September.

PKR has become increasing stable as the 30 Day volatility dropped to 0.49 percent compared to 60 day volatility of 1.37 percent on the back of increasing remittances and foreign investment and decreasing trade deficit.

Fixed Income:

Bond and T-Bill yields in the secondary market were mixed as shorted term yields increased and longer term yields decreased. Yield for Bond and MTB’s up to 3 years increased, with 2 year PIB’s increasing by 36 basis points compared to last week.

On the other hand, following the cut-off yields from the PIB auction the 5 year yield decreased by 15 basis points.

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