Karachi, June 22, 2020: The KSE100-index witnessed 3.4 percent WoW correction, closing at 33,439 levels this week. While the Federal Budget FY21 announced last week brought no joy to market participants, sentiments were further dampened by political noise as BNP-M quit from PTI-led coalition government.
Volumes improved during the week, however traded value declined by 15 percent WoW; which was further dented by the depreciating rupee (-1.4 percent WoW). Amid chaos over supply of petroleum products and initiation of govt. inquiry on the matter, the Oil and Gas Marketing Companies (OMCs) remained under pressure this week (underperforming the KSE-100 index by 2.7 percent).
Other sectors that contributed to this week’s correction were Banks (-3.3 percent WoW), Steel (Engineering: -5.5 percent Wow) and Fertilizers (-4.7 percent WoW). On the other hand, excitement over potential COVID-19 related drugs kept the Pharmaceutical sector upbeat as it gained 0.05 percent WoW this week.
