July 11, 2021 (MLN): The Stock market continued to portray range-bound behavior during the departed week with the benchmark KSE-100 index cumulatively losing 123 points (-0.26% WoW) to close at 47,563 points.
The index started the week on a bearish note and fell for three successive sessions. The Overall activity on the bourse remained damp during the week as average traded volumes declined by 22% WoW to 486mn shares per day.
This week saw Pakistan raising USD 1bn through a “tap issue” from Eurobonds, at even better pricing than the issue in April earlier this year. That said, a spike in COVID cases (infection ratio has risen to 3.65% compared to an average of 1.7% in the last two weeks) has kept the confidence in the bourse in check. Moreover, uncertainty over how the geopolitical scenario pans out with regards to the US exit from Afghanistan, and Pakistan’s crucial role in this, has also kept sentiment jittery, a report by Arif Habib Limited cited.
Sector-wise negative contributions came from Oil & Gas Exploration Companies (-68pts), Tobacco (-57pts), Refinery (-49pts), Textile Composite (-41pts), and Food & Personal Care Products (-36pts).
Whereas the sectors that contributed positive include Commercial Banks (127pts), Technology & Communication (50pts), Fertilizer (42pts), Investment Banks/ Inv.Cos./Securities Cos. (18pts) and Chemical (6pts).
Scrip-wise negative contributors were PAKT (-57pts), UNITY (-39pts), NRL (-37pts), PPL (-28pts) and ANL (-21 pts). Whereas HBL (88pts), TRG (43pts), MEBL (35pts), EFERT (31pts), and AGP (26pts) emerged as the gainers during the week.
Meanwhile, the KSE All Share Market Cap decreased by a Rs44.2billion or 0.53% over the week, being recorded at Rs8.316trillion as compared to a Market Cap of Rs8.36 trillion recorded last week.
Flow-wise, foreigners continued their selling spree, offloading net $5.19mn worth of equities during this week compared to a net sell of $8.4mn last week, with Overseas Pakistanis doing the bulk of selling amounting to a net $4.43mn.
On the local front, Companies purchased a net $4.13mn worth of stocks, followed by $3.9mn worth of stocks bought by Mutual Funds and $2.8mn by Other Individuals. Other significant transactions included $4mn and $2.8mn worth of stocks sold by Brokers and Insurance Companies, respectively.
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