Zubair Yaqoob
Karachi
The market commenced on a positive note, continuing unprecedented rally witnessed from the last week. Optimism in the bourse was sourced from: Surge in international oil prices by 5% during the week benefitting the E&P sector, Expectation of reduction in FED on Cement rejuvenated investors interest in cement sector, and Government focusing to revive cyclical sector to save jobs by providing benefits in terms of reduction or elimination of custom and additional custom duties on key inputs, and Expectation of higher allocation of PSDP will increase demand for Cements and Steel.
As a result, the KSE-100 index closed at 34,611pts, up by 261pts or 0.8% WoW. Contribution to the upside was led by Commercial Banks (204pts), Cements (92pts), Textile Composite (64pts), Pharmaceuticals (56pts), and Fertilizer (55pts). Scrip wise major gainers were UBL (63pts), LUCK (54pts), MEBL (43pts), BAFL (33pts), and FFC (31pts). Whereas, scrip wise major losers were HUBC (67pts), OGDC (61pts) PPL (49pts), EFUG (20pts) and MARI (13pts). Foreigners offloaded stocks worth of USD 7.73mn compared to a net sell of USD 15.27mn last week.
Major selling was witnessed in Commercial Banks (USD 3.27mn) and All other Sectors (USD 1.94mn). On the local front, buying was reported by Individuals (USD 5.96mn) followed by Mutual Funds (USD 2.11mn).
