Home News FBR seizes smuggled goods worth Rs 450 million

FBR seizes smuggled goods worth Rs 450 million

FBR seizes smuggled goods worth Rs 450 million

March 27, 2022 (MLN): The Pakistan Stock Exchange (PSX) had a mediocre week of trading as local political uncertainty and global geopolitics kept investors going. Subsequently, the benchmark KSE-100 index closed the week with a gain of 521 points or 0.54% at the level of 43,551 points.

While the market gained some momentum amid a 78% contraction of the MoM’s current account on Feb. 22 coupled with a landmark agreement on the Reko Dig between the federal government, the Baluchistan government and Barrick Gold Corporation, it continued to do so. of short duration. Rising cut-off rates in the T-bill auction, a sign of monetary tightening, as well as the weakening of the rupee to its historic low, crossing the USD 181/USD mark, limited the index range, a note from Arif said Habib Securities.

Overall, the market witnessed two bearish sessions and three bullish sessions during the week. The average daily traded value in the benchmark remained at Rs 3.91 billion with an average daily volume of 65.46 million shares.

From the sector-specific lens, Fertilizers, Cement, Power Generation & Distribution, Commercial Banks and Chemical kept the index in green territory as they added 146, 97, 57, 56 and 47 points to the index, respectively.

By contrast, Automobile, Paper & Board, Oil & Gas Exploration Companies and Insurance collectively took 35 points during the week.

Script-wise, HBL, LUCK, FFC, TRG and HUBC were the best performing stocks during the week as they added 365 points to the index, while SYS, UBL, BAHL, THALL and HMB eroded 133 points from the index.

Meanwhile, the KSE All Share market cap increased by Rs83.8 billion or 1.15% over the course of the week, registering at Rs7.35 trillion compared to a market cap of Rs7.27tr registered last week.

In terms of flow, foreigners were the net sellers during the week, selling shares worth $4.1 million, compared to net sales of $4.9 million last week, largely supported by foreign companies to the tune of $5, 16 million. Industry-wise, there were big sales at Banks ($5.9 million) and E&P’s ($0.8 million).

On the local side, the majority of purchases were reported by mutual funds, individuals and insurance companies, valued at $5.3 million, $2.6 million and $1.8 million, respectively. However, banks and businesses were on the other side with net sales of $4.6 million and $1.9 million, respectively.

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