Feb. 20, 2022 (MLN): This week, the benchmark KSE-100 plunged 0.88% or 403 points on a cumulative, due to after massive oil price spike monitoring by the tensions between the United States and Russia in Ukraine.
In USD terms, the index is down 1.5% from last week.
the brent prices touched a 7-year high $96/bbl, which heightened fears of monetary tightening. Additionally, gasoline and diesel prices during the week increased by 8.1% and 6.6% respectively, which would translate to higher future inflation, a report from Spectrum Securities mentioned.
Besides, the looming political uncertainty also led to panic selling in the market. On the to return to side, strong corporate results exceeded market expectations, which limited the inconvenience index finger movement.
From a sector perspective, commercial banks, power generation and distribution companies, investment banks, technology and cement kept the index in red territory as they respectively snatched 88, 66, 45, 39 and 37 points from the index.
Contrary to this, automotive, chemical, oil and gas exploration companies, sugar and allied industries, synthetics and rayon sector during the week collectively added 31 points to the stock market.
Regarding certificates, HUBC, ENGRO, MEBL, SYS and DAWH were the worst performing stocks during the week, as they eroded 234 points from the index, while EFERT, SNGP, MTL, UBL and EPCL added 132 points to the index.
Meanwhile, the market cap of KSE All Share declined by Rs 79 billion or 1% during the week, being recorded at Rs 7.79 trillion from a market cap of 7.87 tr recorded in the week. last.
In terms of flow, strangers were the net sellers during the week, unloading inventory worth $1.97 million compared to a net sale of $5.9 million Last week, largely supported by foreign companies amounting to $3.43 million. Significant sales were observed in technology ($1.5 million) and commercial banks ($0.5 million).
On the local side, the majority of purchases were reported by banks, individuals, and businesses for $4.8 million, $2.4 million, and $1.5 million respectively. However, mutual funds and brokers stood on the other side with a net sale of $5.36 million and $1 million respectively.
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