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KARACHI: Pakistan Stock Exchange depicted a rangebound behavior and due to selling pressure, the KSE-100 Index declined by 326 points during April 2021 to close at 44,262.35 points.

Average daily traded volume went down by 19 percent to 354 million shares and value decreased by 26 percent to $107 million during April 2021.

The ongoing result season, despite encouraging corporate earnings, has failed to ignite excitement in the bourse, an analyst at Arif Habib Limited said. While macroeconomic fundamentals remained strong, deterioration on the COVID front has kept sentiment precarious, he added.

Average infection rate has risen to 9.7 percent during April compared to 7.2 percent last month, with average daily increase in cases settling at 5,100 against 2,954 last months. Various new SOP’s and guidelines have been introduced by the government to curb the spread, while a complete lockdown has not been ruled out.

Major concerns persist regarding the deadly wave in neighboring India where daily cases have crossed 380,000, highest ever in the world, while health facilities are choking.

The scrip-wise volumes were led by WTL (30 million shares), TRG (27 million shares) and TELE (23 million shares). Scrip-wise value was led by TRG ($28 million), NETSOL ($7.4 million) and ATRL ($7.2 million) during this month.

On sector-wise basis, volumes were led by Technology (108 million shares), Chemical (32 million shares) and Refinery (31 million shares). Sector-wise value was led by Technology ($40 million), Refinery ($14 million) and Cement ($7 million).

Negative index contribution was led by E&P (245 points) amid concerns over declining oil prices, OGMCs (128 points), Power (114 points), Autos (79 points) and Refinery (65 points). Whereas, gainers dominating the index contributions included Fertilizer (197 points), followed by Banks (117 points) and Technology (106 points).

Scrip-wise negative contributors during the month were OGDC (127 points), MCB (96 points), PSO (90 points), SYS (89 points) and POL (79 points). Meanwhile, scrip-wise positive contributions were led by TRG (198 points) mainly due to re-rating of the technology sector, ENGRO (152 points), HBL (148 points), UBL (83 points) and LUCK (70 points).

Scrip-wise performance chart during the month was led by IBFL, SCBPL, TRG, THALL and PSX, each posting positive returns of 31 percent, 15 percent, 12 percent, 11 percent and 10 percent respectively. On the flip-side, PSMC, ATRL, HASCOL, PAKT and SYS posted the most negative returns (20 percent, 14 percent, 13 percent, 10 percent and 10 percent respectively).

In terms of sectors, Synthetic sector was the best performing, posting a return of 31 percent, followed by Auto Parts (10 percent), Leasing (9 percent), Real Estate (8 percent) and Technology (4 percent). Negative returns were led by Tobacco (10 percent), Refinery (9 percent), Transport (9 percent), Cable and Electrical (8 percent) and Funds (8 percent).

Net selling across emerging markets have continued for another month. Encouraging growth numbers have been posted in the US and economic revival is well under way.

Major outflows were witnessed in India amid a deadly third wave of COVID-19 of $1,258 million. Other outflows included from Philippines ($272 million), Indonesia ($257 million) and Malaysia ($223 million). Meanwhile in Pakistan, foreigners remained net sellers as well, selling equities worth $17 million in the month of April 2021.

Outflows were observed in Banks ($8.2 million), Fertilizer ($4.6 million), Power ($3.9 million), E&P ($3.1 million) and OGMCs ($1.4 million). Whereas inflows were witnessed in Technology sectors ($6.5 million) and Cement sector ($2.6 million).

Copyright Business Recorder, 2021

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