The Pakistan Stock Exchange (PSX) has had a tumultuous trading week as a combination of encouraging and disheartening news caused the market to fluctuate between red and green areas.
The bulls emerged victorious at the end of the week of November 19 as the benchmark KSE-100 climbed 740 points, or 1.6%, to close at 46,489 points.
Reportedly, the State Bank of Pakistan’s announcement to bring the Monetary Policy Committee’s meeting forward by one week to November 19 took a toll on the business environment and limited gains. Earlier in the week on Monday, equity trading started on a negative note amid uncertainty surrounding the International Monetary Fund’s (IMF) approval of the next loan tranche and growing inflationary concerns.
At the same time, the State Bank’s upward revision of banks’ cash reserve requirement (CRR) to 6% also hit the KSE-100 index. The market rebounded in the following session, buoyed by renewed investor confidence following a number of positive developments, including the approval of a second tranche of payments to 20 independent power producers. This factor, in particular, has helped increase investor interest in the stock market.
In addition, the government’s decision to keep the prices of petroleum products unchanged has raised optimism among market participants. The bears took hold of the market for the next two sessions and knocked it down by more than 400 points as investors’ spirits were reeling from the postponement of the monetary policy meeting, which was brought forward a week. The announcement created panic among market participants, raising fears of a sharp rise in interest rates.
Market participants shied away from their stocks in anticipation of a surprise rate hike in the expected monetary policy announcement on Friday, which pushed the KSE-100 index down. In addition, investors focused on the joint session of parliament, held on Wednesday to discuss some key issues, and mostly remained on the sidelines.
The market rallied in the last session of the week due to selection by investors, who bought stocks that had fallen to attractive valuations. Robust year-over-year growth in Large Scale Production (LSM) in the first quarter (July-September) of the current fiscal year further supported the uptrend.
The rupee continued to depreciate and reached the level of Rs175 against the US dollar at the end of the week due to the halt in negotiations between Pakistan and the IMF on the resumption of the 6 billion loan program. dollars.
“After the clarity of monetary policy, we believe the market will react accordingly next week,” Arif Habib Limited said in a report. “The recent bill to make the SBP autonomous should meet another IMF precondition. Therefore, we believe that market sentiment depends on the announcement of a loan package.”
Average daily traded volumes fell 23% on weekdays to 245 million shares, while average daily trade value fell 17% on weekdays to $ 53 million.
In terms of sectors, the positive contribution came from banks (403 points), fertilizers (172 points), cement (158 points), exploration and production (140 points) and electricity (43 points).
In contrast, the sectors that contributed negatively are technology (176 points) and consumer staples (41 points).
The positive contributors in terms of shares were Meezan Bank (96 points), Lucky Cement (76 points), UBL (73 points), Pakistan Petroleum (72 points) and MCB (71 points).
Meanwhile, the negative contribution came from TRG Pakistan (233 points), Unity Foods (32 points) and Pakistan Stock Exchange (16 points). Foreign sales continued during the week under review, which totaled $ 25 million compared to net sales of $ 5.3 million last week. Significant sales were seen in commercial banks ($ 14.7 million) and fertilizer companies ($ 4.7 million).
Locally, the purchases were reported by insurance companies ($ 13.5 million), followed by sole proprietorships ($ 7.7 million).
Posted in The Express Tribune, November 21st, 2021.
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