Finance

Weak Macros continue to drag Index; down by -1.1pc

Karachi, July 27, 2019: During the outgoing week, the benchmark index lost 356 points down by 1.1 percent WoW to close at 32,103 points.

The index started on a positive trajectory during this trading week as first 2 sessions cumulatively added  257 points to the index. Recovery in the first half of the week was on the back of a successful trip of USA by PM Imran Khan during which US president Trump hinted about restoring the CSF (Coalition Support Fund ) around US$1.3 billion.

Investors remained uncertain owing to weak macro indicators i.e. 1) LSM contraction of 3.78 percent YoY, & 2) SBP reserves down by US$389 million to US$7.6 billion.

During the week, Power & Distribution companies dragged the index by 71 points, followed by Food & Oil marketing companies cumulatively eroded the index by 177 points.

Based on NCCPL data, foreigners continue to remain net buyers amounting to US$8.4mn. On the local’s side, Mutual Funds remained net seller of US$13.4mn, respectively.

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