Karachi, January 21, 2022 (PPI-OT): KSE100 declines by 1.6% WoW

The market remained under pressure throughout the week witnessing the biggest decline on Thursday to close the week at 45,018 points, down by 1.6%. Sector wise, Banks and Cements underperformed the market declining by 1.6% and 2.0% WoW along with the Chemical Sector which also declined by 2.6% WoW. Investor participation during the week took a hit as it decreased by 43% WoW to 201mn shares in terms of volume while a decrease of 17% WoW was witnessed in the average daily traded value. Foreign investors remained net sellers which accumulated to US$2.1mn.

Largest selling was witnessed in the Oil and Gas Marketing Companies (US$1.4mn) followed by the Technology Sector (US$1.0mn) and the Textile Sector (US$0.3mn) sector. On the news front, petrol prices were increased once again reaching its highest ever of Rs147.8/litre. Textile exports reported during the week posted a decline of 6.47% MoM to US$1.6bn in Dec-2021, while FDI during 1HFY22 posted a growth of 20% to US$1.06bn. The GoP during the week revised its GDP number from 3.9% to 5.4% for FY21 and further from 5.4% to 5.6% due to shifting of its economic baseline.