Weekly report: Rupee at 5 month high, PSX gains 1102 points
Weekly report: Rupee at 5 month high, PSX gains 1102 points
KARACHI (Dunya News) - Buoyant sentiments resumed in the domestic bourse this week despite uncertainty associated with the fate of Pakistan on the FATF grey list.
Political noise following rift between the government and the opposition also failed to deter investor’s confidence. Strong corporate profitability trends were witnessed which aided the bullish spree.
Banking results were particularly impressive, primarily owing to lower than expected decline in the topline.
Moreover the Current Account posted another surplus in Sep’20 which closed 1QFY21 Current Account Balance with a surplus of 792 million dollars (highest in 17 years).
Furthermore the PKR/USD parity appreciated to PKR 161.4/USD (+0.7% WoW), a 5 month high.
The KSE-100 index accelerated 1,102 points WoW (2.7 %).
Foreign selling continued this week clocking-in at USD 6.9mn compared to a net sell of USD 2.7mn last week.
Selling was witnessed in Cement (USD 4.3mn) and Fertilizer (USD 2.0mn).
On the domestic front, major buying was reported by Mutual Funds (USD 7.6mn and Companies (USD 4.8mn). Average volumes arrived at 466mn shares (up by 57% WoW) while average value traded settled at USD 98mn (up by 59% WoW).
Details by Haris Zamir
