Weekly News Feed – Mettis Global News

0
3

Apr 23, 2022 (MLN): Domestic stocks came under heavy selling pressure this week, after peaking at 46,602 on positive sentiment about the new government formed by the coalition parties.

However, as macroeconomic concerns resurfaced, the market saw a downward correction with the KSE-100 losing 1.049 points or falling 2.25% during the week, falling as low as 45,553 points. In USD terms, the index fell 4.9% WoW.

The market started the week on a positive note as investors welcomed news of formal dialogue between Pakistan and the IMF on the EFF’s rebound to ease pressure on foreign exchange reserves and allay concerns about the external financing gap.

However, the positive momentum could not last long due to economic concerns such as the depreciation of the PKR (the week closed at Rs 186.70) and the resumption of the IMF program.

Meanwhile, the trade deficit widened to $3.6 billion on March 22, putting further pressure on scrips. In addition, a downward revision of the World Bank’s growth target to 4% and a rise in Treasury yields by up to 70 basis points further dampened sentiment, a note from Arif Habib Limited said.

During the week, the stock market witnessed all five sessions in favor of the bear. The KSE-100 index hovered between the highs and lows of 46,970 and 45,505 levels respectively, before closing out the week at 45,553 levels.

From the sector-specific lens, commercial banks, Cement, Technology, Power Generation & Distribution and Miscellaneous kept the index in the red zone as they took 396, 219, 100, 74 and 72 points off the index, respectively.

In contrast, Oil & Gas Exploration Companies, Fertilizer, Chemical Textile Spinning and Real Estate Investment Trust jointly contributed 152 points to the stock during the week.

Script-wise, HBL, BAHL, LUCK, SYS and PSEL were the worst performing stocks during the week, taking 90, 85, 70, 66 and 66 points off the index, respectively. while COLG, FABL, FATIMA ABL and DCR added 199 points to the index.

Meanwhile, the KSE All Share market cap fell by Rs 149.3 billion or 1.93% over the course of the week, registering at Rs 7.6 trillion compared to a market cap of Rs 7.75 trillion recorded last week. registered.

In terms of flow, foreigners were the net sellers during the week, selling shares worth $0.97 million compared to a net purchase of $1.3 million last week. Industry-wise, there were big sales in commercial banks ($1.74 million) and food and personal care products ($0.14 million).

On the local side, the majority of sales were reported by Mutual Funds and Banks, amounting to $6 million and $1.2 million respectively. However, individuals were on the other side with a net purchase of $7 million.

Copyright Mettis Link News


This post Weekly News Feed – Mettis Global News was original published at “https://mettisglobal.news/weekly-news-roundup-136/”

LEAVE A REPLY

Please enter your comment!
Please enter your name here