Weekly market overview
July 9, 2022 (MLN): This week, the local stock market lost 286 points or fell 0.69% on WoW to 41,344 points amid concerns over the IMF program resumption.
The uncertainty with the IMF staff-level deal, the new conditions put in place by the IMF to manage the undocumented economy and minimize corruption, and the broadening of the CAD put enormous pressure on foreign reserves and brought the push the PKR back as it marked down to Rs 207.9/USD, a note from Spectrum Securities said:
However, the 4% cut in the Arab Light price gave investors some peace of mind and reduced overall losses and eased the pressure on foreign reserves.
Overall, the stock market witnessed 2 sessions in favor of bull while 2 sessions were in favor of bear. The KSE-100 index hovered between highs and lows of 41,686 and 41,010 levels respectively, before setting the week at 41,344 levels.
From the sector-specific lens, Cement, Fertilizer, Banks, Chemical and Power Generation & Distribution kept the index in the red as they took 93, 69, 30, 27 and 24 points off the index, respectively.
In contrast, technology, oil and gas marketing companies, oil and gas exploration companies, investment banks and Close-End Mutual Fund collectively added 72 points to the exchange during the week.
Script-wise, LUCK, POL, EPCL, BAHL and ENGRO were the worst performing stocks during the week, taking 49, 39, 34, 33 and 33 points off the index respectively. While OGDC, PPL TRG, SNGP and HBL combined added 108 points to the index.
Meanwhile, the KSE All Share market cap fell by Rs21.27 billion or 0.31% over the course of the week, recorded at Rs6.94 trillion compared to a market cap of Rs6.96tr recorded last week.
Power-wise, foreigners became net buyers over the course of the week, buying shares worth $1.63 million, compared to a net purchase of $1.52 million last week. In terms of industry, the largest sales were seen in all other sectors ($0.63 million) and technology ($0.56 million).
On the local side, the bulk of sales were reported by mutual funds, banks and insurance companies for $2.9 million, $2.2 million and $1.5 million, respectively. However, individuals and companies were on the other side with net purchases of $3 million and $2 million, respectively.
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Posted on: 2022-07-10T00:05:20+05:00
This post Weekly Market Review – Mettis Global News
was original published at “https://mettisglobal.news/weekly-market-roundup-141/”