KARACHI: The stock market likely to continue the momentum gained in the outgoing week. Analysts at Arif Habib Limited said that cyclical sectors may be in the limelight on expected healthy earnings.
The analysts said rising COVID cases are remained challenging.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.8x (2021). This week has seen the index gaining some momentum.
This week saw the release of power generation data, which posted the highest ever generation of 130,223 GW.
Other news included receipt of USD 1 billion from Eurobond. Remittances clocked in at the highest level of USD 29.4 billion.
The index closed at 47,834 points, (up 271 points WoW).
Sector-wise positive contributions came from:
i) Commercial Banks (82 points),
ii) Technology & Communication (75 points),
iii) Cement (46 points),
iv) Textile Composite (36 points), and
v) Investment Banks/Investment Companies/Securities Companies (36 points).
The sectors contributed negatively included:
i) Fertilizer (36 points),
ii) Power Generation & Distribution (17 points),
iii) Pharmaceuticals (13 points),
iv) Oil & Gas Exploration Companies (12 points) and Automobile Parts & Accessories (7 points).
Scrip-wise positive contributors were SYS (79 points), LUCK (62 points), PSX (36 points), UNITY (33 points) and BAFL (30 points).
Scrip-wise negative contribution came from POL (15 points), EFERT (15 points), KAPCO (11 points), CHCC (11 points) and ENGRO (10 points).
The market witnessed foreign buying . It settled at USD 4.6 million against selling of USD 5.2 million.
The market witnessed buying in in cements, exploration and production and technology and communication.
On the domestic front, the market witnessed selling by Individuals (USD 9.98 million) and Broker Proprietary Trading (USD 6.32 million).
Average volumes clocked-in at 467 million shares (down by 4 per cent WoW). The average value traded settled at USD 96 million (down by 10 per cent WoW).