Domestic equities remained under pressure throughout this week due to higher COVID-19 cases and an increase in global commodity prices, witnessing a decline of 745 points or 1.6% WoW to close at 45, 018 points.

However, the sentiment once again turned positive on Friday as the government revised GDP numbers upwards from 3.94% to 5.4%, a report by Arif Habib Limited said.

Furthermore, FDI increased 20 percent during the first half of the fiscal year to USD 1,050mn against USD 880mn USD SPLY. The Pak Rupee closed below 176 for the first time in over 45 days on Monday but crept up during the week, closing at 176.24.

From the sector-specific lens, the Technology, Banking, cement and Refinery sectors pushed the index in red territory as they snatched 241, 96, 69, and 65 points from the index respectively.

Contrary to that, the E&P sector remained in limelight during the week and added 36 points to the bourse owing to rising international crude oil prices.

Scrip-wise, TRG, CNERGY, MCB, DAWH, and PSO were the worst-performing stocks during the week as they eroded 336 points from the index, whereas KAPCO, MARI, BAHL, POL, and PPL added 103 points to the index.

Meanwhile, the KSE All Share market cap decreased by a Rs114billion or 1.46% over the week, being recorded at Rs7.84trillion as compared to a market cap of Rs7.73tr recorded last week.

Flow-wise, foreigners were the net sellers during the week, offloading stocks worth $2.09mn compared to a net buy of $0.53mn last week. Major selling was witnessed in OMCs ($1.4mn) and
Technology & Communication ($1.0mn).

On the local side, the majority of the buying was reported by Individuals and banks amounting to $12.36mn and $5.9mn, respectively. However, companies and mutual funds stood on the other side with net selling of $1.8mn and $1.37mn respectively.

The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.


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