Karachi, November 05, 2021 (PPI-OT): Bulls remain in charge as KSE100 Index closes up 2.4% WoW

Carrying last week’s bullish momentum, the KSE100 Index closed up 2.4% WoW. Investor participation also witnessed a return, recording 113% WoW growth to a low base last week. Net foreign selling from also expanded, accumulating to US$11.1mn. Refinery sector (+15.9% WoW) and Technology sector (+12.6% WoW) were among key gainers as they rebounded after sluggish performance in the previous weeks while Steel sector (Engineering: +4.7% WoW) was also among the top performers. On the other hand, after a consistent rally, Banking sector (1.0% WoW) and Cement sector (0.9% WoW) were among the underperformers this week.

The week also saw appreciating PKR against US$, closing at (39 days) high of PKR169.9, while the 3M T-bill cut-off yields rose 25bps to 8.50% (125bps above the Policy Rate) in the latest auction. On the economy’s news front, FBR collection for Oct-2021 continued the robust growth trajectory with 33% YoY growth. Moreover, trade deficit for Oct-2021 clocked in 2x YoY higher while CPI for the month was registered at 9.2% YoY. On sector’s news front, Cement sales for Oct-2021 declined by 9% YoY to 5.2mn tons.