Stock Watch-Stocks lose 745 points amid covid-19 spike.

Summary

Pakistan Stock Exchange witnessed a negative trend during the outgoing week ending on January 21, 2022 on the back of rising coronavirus cases in the country and rising oil prices in the international market. The benchmark KSE-100 Index decreased by 1.6% week-on week and closed at 45,018.28. Trading activities also declined as average daily volume on ready counter decreased by 43% WoW to average 201m shares.

The market gained 192 points on Friday as Pakistan has revised up its rate for 2020-21 to 5.37 from 3.9% as announced by the minister for planning and development said on Thursday.

Monday: KSE-100 index 45,612.20 Change (-151.25) Vol 174 m Mkt.CapRs.7,822 T

Tuesday: KSE-100 index 45,507.41 Change (-104,79) Vol 165m Mkt.Capt Rs.7,804 T

Wednesday: KSE-100 index 44,833.43 Change (-673.98) Vol 237m Mkt.Capt.Rs.7,704T

Thursday: KSE-100 index 44,825.97 Change (-7.46) Vol 254 m Mkt. Capt. Rs7.700 T

Friday: KSE-100 index 45,018.28 Change (+192.31) Vol 176 m Mkt. Capt. Rs7,732 T

Participants/activity

Foreigners were net seller of $2.09m during the week, companies were seller $10.32m, Banks were buyers $5.92m, Mutual fund net seller $7.80m, individuals net buyer $12.37m and Insurance were buyer $0.45m.

Volume leaders during the week were: World Tele Com 11m; TRG Pak 80m; Cnergico Ok 62m; Telecard Ltd 49m; Ghani Global Holding 25m; Jahangir Siddiqui Co. Ltd 14m; K-Electric 11m; Hascol Petroleum 9m; Hub Power 8m and Alfalah Consumer 6m.

Participants: Co 347; Gain 132; Loss 196 and Unchanged 19.

Triggers

- Foreign exchange reserves of SBP decreased by $562 million to $17.03 billion during the week ending on Jan 14. The dip was due to servicing of international debt repayment. The holding of Commercial Bank were $6.31 billion. The overall reserves were $23.34 billion.

- The country is preparing to launch a $1-1.5 billion Islamic bond in the international market.

- Fitch Ratings has assigned Pakistan's proposed US-dollars sovereign global Sukuk certificates to be issued through the Pakistan Global Sukuk Program Company Limited, a "B-" rating. Meanwhile Moody's Investors Service has assigned a "B3" backed senior unsecured rating to the proposed US dollar...