KSE100: Flat performance as Eid Ahead

July 17, 2021

377

Benchmark KSE-100 closed the week ending 17-July-2021 at 47,834pts marking an uptick of just +0.6% as comapred to last week.

Investors participation remained low amid upcoming Eid holidays next week as average volumes declined by 4.0% to stand at 467mn shares, while major activity continued to be in the blue chip stocks.

Similar dull performance was witnessed across all sectors. Major news reports which captivated the market includes Lucky Group securing a contract for setting-up plant for manufacturing of Samsung mobiles in Pakistan, COVID positivity rate increasing to 6.1% from 3.8%, Sindh imposing restrictions on certain activities to counter the spread, Cabinet deferring decision to cut Additional Custom Duty (ACD) and Regulatory Duty (RD) on imported vehicles, rapidly changing situation in Afghanistan, possible renegotiation PPA with 12 IPPs on advice of NAB, and vii) finalization of Pak-Russia Gas Pipeline.

NCCPL Data suggest that foreigners turned net buyers during the week with a net inflow of US$4.6mn, mainly in Cements, Techs, and E&Ps (US$1.3mn each).

On the Domestic front(LIPI), Insurance and Banks turned out to be the net buyers with US$12.7mn and US$1.7mn, respectively while Individuals and Brokers squared their positions indicated by net sell of US$10.0mn and US$6.3mn, respectively.

Top performers during the week were, i) Gadoon Textile Mills (+23.9%WoW) rising on news of improved sales and margins, ii) Shah Taj Sugar (+23.8%WoW) on back of higher sugar prices and higher anticipated sales, iii) PSX (+13.6%WoW), iv) Systems Ltd (+7.3%WoW), and Gul Ahmed Textile Mills (+6.0%WoW).

While major losers during the week were HASCOL (down 5.0%WoW amid negative news flow), ii) Standard Chartered Bank Pak Ltd (down 3.9%WoW), iii) Gatron Industries (down 3.5%WoW).