August 29, 2021 (MLN): This week, selling pressure persisted at the local bourse as the Benchmark KSE-100 index slipped 463 points WoW due to lack of positive triggers amid rollover week and closed at the level of 47,136 points over last week’s closing.
From a sector-specific lens, negative contributions came from Cements (-240pts), Oil & Gas Marketing Companies (-88pts), Fertilizer (-73pts), Textile Composite (-42pts), and Power Generation & Distribution (-38pts). Whereas the sectors that contributed positively included Commercial Banks (68pts), Miscellaneous (61pts), Technology & Communication (52pts), Oil & gas Exploration Companies (47pts), and Automobile Assemblers (15pts).
Scrip-wise major laggards were LUCK (-107pts), TRG (-60pts), ENGRO (-49pts), HBL (-45pts), and PSO (-44pts). Whereas major gainers were SYS (124pts), MEBL (106pts), PSEL (68pts), MARI (25pts) and MCB (19pts).
Meanwhile, the KSE All Share Market Cap decreased by Rs59.48 billion or 0.72% over the week, being recorded at Rs8.25trillion as compared to a Market Cap of Rs8.3tn recorded last week.
Flow-wise, foreign investors continued to be net sellers with an outflow of $4.38mn against a net sale of $10.82mn last week. The major selling was done by foreign corporates amounting to a net $7.5mn.
On the local side, major buying was reported by Other Organization ($3.5mn) and Mutual Funds ($2.26mn). Other significant transactions included $2.38mn worth of stocks sold by Insurance Companies.
