Weekly Market Review – Mettis Global Link

Aug 7, 2022 (MLN): This week, the benchmark KSE-100 index gained 1,946 points and closed at 42,096 points, mainly as a result of the IMF’s assurances that Pakistan has complied with all previous actions leading to the release of the tranche in the upcoming review and the strong recovery of the PKR, which registered a 6.4% gain in WoW against the dollar.

Further sentiments were bolstered by the news stream suggesting that Pakistan has approved an $8 billion economic package from friendly countries including Saudi Arabia, China, the UAE and Qatar. This economic package includes a mix of deferred oil facilities, safe deposits and existing debt rollovers.

In addition, falling international oil prices have bolstered sentiment, with investors expecting the import bill to fall sharply, according to a report by BMA Capital.

In USD terms, the index recovered a significant 12.02% this week.

Out of a total of 5 sessions, the stock market witnessed 4 sessions in favor of bulls, while 1 session was in favor of bears. The KSE-100 index hovered between highs and lows of 42,168 and 39,763 levels respectively, before setting the week at 40,077 levels.

Also Check:   Is Tenant Turner Legit or Scam? Know Here

From the sector-specific lens, banks, cement, chemical, oil and gas marketing companies and Automobile Assemblers kept the index in green territory as they added 427, 422, 110, 106 and 104 points to the index, respectively.

In contrast, Close-Ended Mutual Funds, Real Estate Investment Trust and Modarabas combined took just 5 points off the market over the course of the week.

Script-wise, LUCK, UBL, MCB, PSO and HBL were the best performing stocks during the week, adding 155, 123, 88, 78 and 73 points to the index, respectively. While FABL, MARI, ILP, AICL and HINOON together took 26 points from the index.

Meanwhile, the KSE All Share market cap increased by Rs275.4 billion or 4.07% over the course of the week, registering at Rs7 trillion compared to a market cap of Rs6.7tr registered last week.

Flow-wise, foreigners emerged as net sellers over the week, selling shares worth $0.69 million, compared to a net purchase of $3.43 million last week.

Also Check:   What Zuckerberg's money can't buy – TechCrunch

On the local side, the bulk of purchases were reported by Mutual Funds and Brokers, totaling $1.5 million and $2.2 million, respectively. However, Banks was on the other side with net sales of $1.3 million respectively.

Copyright Mettis Link News

Posted on:202-08-07T17:20:05+05:00


This post Weekly Market Review – Mettis Global Link

was original published at “https://mettisglobal.news/weekly-market-roundup-145/”

Leave a Comment