KSE-100 gains 1.2%, but volumes remain low in week

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The KSE-100 recorded a gain of 521.17 points or 1.21% on a week-on-week basis, but total weekly market volume went down to 575 million shares, showing a decline of almost 295 million shares.

A couple of key events on Monday promised a positive start to the week. The current account deficit figures published for Feb 2022 showed an improvement of almost 78% and signing of a landmark agreement between federal government, Balochistan government and two international firms raised expectations that Pakistan may not end up paying a penalty of $11 billion in the Reko Diq case.

However, this positivity was not enough to raise investor participation as was indicated by declining weekly volume. Investors continued to hold back owing to uncertain political environment around the no confidence vote.

Before market closed on Friday, the national assembly session, where no confidence resolution was to be presented, was adjourned till Monday after opening for only 20 minutes. The IMF also reiterated its reservations regarding recently announced amnesty scheme and PM’s relief package.

During the week, Technology and Communication remained the leading sector by volume with 126 million shares followed by Commercial Banks with trading volume of 73 million shares and Food & Personal care sector with 67 million shares. Cement sector was 4th in line with 34 million shares.

Among KSE-100 companies, TRG Pakistan continued to be the leading company by volume followed by Cnergyico PK and K-electric on WoW basis.

Punjab Oil Mills recorded the highest weekly gain among KSE-100 companies (15.20%). However, its traded volume was only 1,800 shares.

Fauji Fertilizer Bin Qasim recorded net gain of 7.36% with traded volume of 3.1 million shares followed by TRG with gain of 6.66% and trading volume of almost 24 million shares.

Bank of Punjab recorded the highest weekly net loss in share price among KSE-100 companies with a drop of 10.27% and trading volume of almost 7.8 million shares.

 

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