Summary Foreigners bought 33 million dollars worth of shares during the week.
KARACHI (Dunya News) - The KSE-100 Index regained its momentum this week after slowing down last week where market crossed the psychological level of 44,000, with gains of 1,245 points (2.90%).
Foreign interest in blue chip stocks remained high, especially in Banking and Cement sectors, which lent to the rally. Top contributors to the Index were Habib Bank, ENGRO and Lucky Cement, all three of which are in the MSCI EM Index. Politics created some jitters towards the middle of the week, but were unable to have more than a fleeting impact on the market.
Foreigners bought 33 million dollars worth of shares during the week versus buying of 26 million dollars during the last week. On the local front, Mutual Funds were net sellers of 12.8 million dollars whereas Individuals were net sellers of 10.1 million dollars
Foreign buying since the start of the new-year has been 82.5 million dollars surpassing the foreign flows last seen back in April 2014.
Investor confidence got boosted this week due to lowering political tensions and statement by Prime Minister Shahid Khaqan Abbasi that premature dissolution of any provincial assembly would not affect the Senate election. Expectation of rate hike and WTI trading around US$64/bbl, further boosted investor sentiments.
On the sector front; Banks, Cement and Fertilizer sector cumulatively added 750 points whereas Refinery sector took away 27 points.
(Details by Hariz Zamir)
