Weekly Market Review – Mettis Global Link

September 11, 2022 (MLN): This week, the benchmark KSE-100 index lost 361 points and closed at 41,948 points amid devastating effects of flooding and political noise.

The market started negative this week on concerns about inflation and GDP growth following the country’s flood crisis, as the government estimates losses from flooding at about $15 to $20 billion, a note from Arif Habib Limited said.

Despite the disbursement of a $1.17 billion IMF loan last week (bringing SBP reserves to $8.8 billion), the Pak Rupee continued to weaken against the greenback to settle at PKR 228.18 (decrease with PKR 9.2 or 4% WoW).

In addition, shipments from the cement sector saw a 24% year-over-year decline on August 22, further dampening investor sentiment. In addition, urea and DAP sales witnessed a massive 16% and 87% year-over-year decline, respectively, due to flooding. Therefore, the market remained weak, it added.

In USD terms, the index plunged 5% this week.

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Out of a total of 5 sessions, the stock market witnessed 3 sessions in favor of bulls, while 2 sessions favored bears. The KSE-100 index hovered between the highest and lowest levels of 42,388 and 41,677 levels respectively, before closing the week at 41,948 levels.

From the sector-specific lens, fertilizer, banking, cement, power generation and distribution companies, food and oil and gas exploration companies kept the index in red territory as they took 93, 77, 54, 45 and 40 points away from the index respectively.

In contrast, technology and oil and gas marketing companies collectively added 21 points to the stock over the course of the week.

Script-wise, ENGRO, HUBC, HBL, EFERT and SYS were the worst performing stocks during the week as they gained 57, 51, 44, 40 and 30 points from the index respectively. While TRG, CHCC, POL, DAWH, LOTCHEM combined added 117 points to the index.

Meanwhile, the KSE All Share market cap fell by Rs61.3 billion or 0.87% over the course of the week, registering at Rs6.9 trillion compared to a market cap of Rs7tr recorded last week.

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In terms of flow, foreigners emerged as net sellers over the course of the week, selling shares worth $2.8 million, compared to net sales of $0.69 million last week. Big sales were seen in technology ($1.4 million) and cement ($0.6 million).

On the local side, the bulk of purchases were reported by businesses ($3.2 million), followed by banks ($2.6 million) and organizations ($2.2 million). Mutual Funds, however, was on the other side with net sales of $6 million.

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Posted on:202-09-11T16:35:44+05:00

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