July 4, 2021 (MLN): The stock market continued to remain range-bound during the departed week with volatile trading on account of June-end closing and adjustment of portfolios.
Moreover, as the debate on the Federal Budget moved towards the final stages in the Parliament, some stiffness was witnessed in the political climate. Albeit the Budget was passed with a majority vote. The market also gained momentum on the first day of the new fiscal year, erasing previous losses, a report by Arif Habib cited.
The index closed at 47,686 points, up by 0.17% or 83pts WoW.
Sector-wise positive contributions came from Technology (105pts), Pharmaceuticals (68pts), Food and Personal care (51pts), Tobacco (22pts), and Insurance (14pts).
Whereas the sectors that contributed negatively include Commercial Banks (46pts), Power Generation & Distribution(44pts), Oil & Gas Exploration Companies (39pts), Oil & Gas Marketing (36pts) and Refinery (18pts).
Scrip-wise TRG (88 pts), AGP (54 pts), LUCK (41 pts), UNITY (37 pts), and MEBL (25 pts) captured the highest gains, whereas HBL (67 pts), HUBC (65 pts), UBL (38 pts), OGDC (35 pts), and HASCOL (34 pts) emerged as the losers during the week.
Meanwhile, the KSE All Share Market Cap increased by Rs43.38 billion or 0.52% over the week, being recorded at Rs8.36 trillion as compared to a Market Cap of Rs8.31 trillion recorded last week.
Flow-wise, foreigners continued their selling spree, offloading net $8.4mn worth of equities during this week compared to a net sell of $7.9mn last week, with foreign corporates doing the bulk of selling amounting to net $10.38mn.
On the local front, individual investors purchased a net $13.634n worth of stocks, followed by $13.43mn worth of stocks bought by Companies and $3.68mn by Other Organizations. Other significant transactions included $18.45mn and $10.5mn worth of stocks sold by Insurance Companies and Mutual Funds respectively.
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