Karachi, January 14, 2022 (PPI-OT): Banks drive positive momentum pushing KSE100 up by 0.9% WoW

The market started the week on a positive note which sustained through most of the week, closing the week at 45,763 points (+0.9% WoW). Sector wise, Banks were up by 2.5% WoW, where among other key performers were the Chemical (up by 4.2% WoW) and Refineries (3.2% WoW) sectors. Investor participation during the week increased by 11.8% WoW to 356mn shares in terms of volume while a decrease of 11.6% WoW was witnessed in the average daily traded value. Foreign investors remained net buyers again, which accumulated to US$0.53mn. Interest was concentrated in the Technology sector (US$0.5mn), followed by the Power Generation (US$0.4mn) sector.

Moreover, the Finance (Supplementary) Bill 2021 and the State Bank of Pakistan (Amendment) Bill 2021 was passed from the lower house in the later part of the week. On the news front, bank deposits posted robust growth as at CY21-end, taking total deposits to Rs20.97trn (+17% YoY). Furthermore, as per SBP data, RDA inflows reached US$3.16bn as of Dec-2021 and total RDA accounts opened reached 322,463. On the reserves front, SBP reserves fell by US$88mn (0.5% WoW) to US$17,598mn.