Karachi, August 06, 2021 (PPI-OT): KSE100 Index gains 435 points this week

The benchmark index of the Pakistan Stock Exchange closed today at a level of 47,490, posting a gain of 435 points over last week’s closing. Average daily traded volumes increased 12% WoW to 455mn shares while average value traded was recorded at US$85mn per day, reflecting a weekly rise of 5%. Foreigners turned out as net buyers of US$3.1mn this week with a significant portion of the buying seen in the Technology sector. On the local side, Individuals turned out to be the largest buyers while Mutual Funds were net sellers of US$10.6mn. On the political front, Lt-Gen (retd) Asim Saleem Bajwa tendered his resignation as Chairman, CPEC Authority.

Meanwhile, Mr. Khalid Mansoor was appointed SAPM on CPEC Affairs. During the week, the inflation reading for July was announced at 8.4% YoY, mostly in line with market expectations. The Oil Marketing sector outperformed the benchmark index on strong POL sales during the month of July. Moreover, foreign reserves held by the SBP remained flattish around the US$17.8bn mark in the week ending 30th July 2021. However, Pakistan is soon expected to receive US$2.8bn from the IMF after the Fund approved US$650bn SDR allocation.