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July 09, 2022 (MLN): This week, the local bourse lost 286 points or down by 0.69% WoW to settle at 41,344 points amid concerns over the resumption of the IMF program.
The uncertainty with the IMF staff-level agreement, the new conditions set by IMF to control the undocumented economy and minimize corruption and the widening of CAD put immense pressure on foreign reserves and brought back the pressure on PKR as it depreciated to Rs207.9/USD, a note by Spectrum Securities said
However, the reduction in Arab Light price by 4% provided some respite to the investors and lessened the overall losses and diminished pressure on foreign reserves.
Overall, the bourse witnessed 2 sessions in favour of bull while 2 sessions were in favour of bear. The KSE-100 index oscillated between high and low of 41,686 and 41,010 levels, respectively, before settling the week at 41,344 levels.
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From the sector-specific lens, Cement, Fertilizer, Banks, Chemical, and Power Generation & Distribution kept the index in red territory as they took away 93, 69, 30, 27, and 24 points from the index respectively.
Contrary to that, Technology, Oil & Gas Marketing Companies, Oil & Gas Exploration Companies, Investment Banks, and Close-End Mutual Fund during the week collectively added 72 points to the bourse.
Scrip-wise, LUCK, POL, EPCL, BAHL, and ENGRO were the worst-performing stocks during the week as they snatched 49, 39, 34, 33, and 33 points from the index respectively. Whereas, OGDC, PPL TRG, SNGP, and HBL collectively added 108 points to the index.
Meanwhile, the KSE All Share market cap decreased by Rs21.27 billion or 0.31% over the week, being recorded at Rs6.94trillion as compared to a market cap of Rs6.96tr recorded last week.
Flow-wise, foreigners turned net buyers during the week, purchasing stocks worth $1.63mn compared to a net buy of $1.52mn last week. Sector-wise, the major selling was observed in all other sectors ($0.63mn) and Technology ($0.56mn).
On the local side, the majority of the selling was reported by Mutual Funds, Banks, and Insurance Companies amounting to $2.9mn, $2.2mn, and $1.5mn respectively. However, Individuals and Companies stood on the other side with net buying of $3mn and $2mn respectively.
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