April 17, 2022 (MLN): Responding to the clarity on the political front, the past week witnessed a return of the bulls to the local exchange as it posted its highest WoW surge since April 3, 2020. 46,602 points, an increase of 2,157 points or 4.9% WoW.
After the honorable intervention of the Supreme Court, the vote took place in the National Assembly and the opposition was won by a majority vote. This gives a clear direction to investors.
In addition, PKR experienced a strong recovery during the week, closing at 181.55, or 3.3 rupees against the dollar, as it closed the week before at PKR 184.68 per USD. In addition, the country received record amounts of $28.3 billion this month, a 28 percent increase in MoM due to Ramadan/Eid.
During the week, the stock witnessed 4 sessions in favor of bull, while 1 session ended in favor of bear. The KSE-100 index hovered between the highest and lowest levels of 46,786 and 44,445 levels respectively, before closing the week at 46,602 levels.
From the sector-specific lens, commercial banks, technology, fertilizer, cement and refinery kept the index in green territory as they added 395, 268, 263, 241 and 129 points to the index, respectively.
In contrast, Real Estate Investment Trust, Vanaspati & Allied Industries and Close-End Mutual Fund collectively took 5 points off the market during the week.
Script-wise, ENGRO, TRG, MEBL, HBL and SYS were the best performing stocks during the week, adding 153, 137, 122, 85 and 80 points to the index, respectively. while COLG, FABL, FATIMA ABL and DCR took 35 points off the index.
Meanwhile, KSE All Share market cap fell by Rs 283.5 billion or 3.79% over the course of the week, registering at Rs 7.75 trillion compared to a market cap of Rs 7.47tr recorded last week .
In terms of power, foreigners were the net buyers during the week, buying shares worth $1.3 million compared to net sales of $3.13 million last week. As for the industry, big sales were seen in technology ($2.2 million) and fertilizer ($1.16 million).
On the local side, the majority of sales were reported by mutual funds, insurance companies, brokerages and banks, for $9.9 million, $7.8 million, $3.6 million and $2.9 million, respectively. However, individuals were on the other side with a net purchase of $18.9 million.
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Posted on: 2022-04-17T16:20:40+05:00
This post Weekly Market Review – Mettis Global News
was original published at “https://mettisglobal.news/weekly-market-roundup-131/”