3rd July – Monday
The week started with a bloodbath, the investors were spooked with overwhelming coverage of JIT proceeding during the Eid holidays. The week declined to a total of 2.88percent.
Since being included in the MSCI Index, Monday, 3rd July was the third time that the markets dropped more than 1800 points.
The KSE-100 shed a total of 1899.88 points during the intraday trade. The market opened at the highest level and continued to fall throughout the day without any respite reaching a level of 44639.82 points.
The other two instances were on 1 June, 2017 and 12th June, 2017 when markets shed 1855.12 and 1810.76 points.
None of the companies in the KSE 100 ended the session in positive; 3 were unchanged where as 6 companies were not traded and a total of 91 companies were negative. KSE100 Index closed either in red or flat with more than half (56) of them closing at their respective lower price limits or falling by more than 4%.
This has been the third highest percentage [-4.08%] drop in the markets since 2014. Last time markets fell higher than this was in 2014 and 2015 when they fell by -4.46percent and -4.11percent respectively.
4th July – Tuesday
Market activity graph during the day resembled that of an ECG result. The market opened without any support falling 323 points but within a span of nine minutes gained 600 points and was at +317. The markets continued this up and down graph up till noon, after which the markets stayed up and contained its positive momentum right before closing bell when it lost 300 points again.
However, markets fared better than Monday’s bloodbath which took away an approximate of 1900 points.
5th July – Wednesday
Markets opened to a dip downward when in the first hour the markets shed 234 points in total. Later on the market sentiment was bullish owning to the rising depreciation of dollar value in the Forex market. The market witnessed its peak point at noon when it gained more than 950 points driven by the oil and gas, Power, Textile, IT and Sugar generated a positive momentum in the wake of positive momentum.
However, cements sectors which fared negatively, it took a hit against the rupee depreciation which would raise the production costs for Cement Sector from the coal imports.
6th July – Thursday
KSE – 100 flattered yet again after closing positive on Tuesday and relatively unchanged on Wednesday. But the markets dipped after gaining in the first half and declining here from consistently till the day end.
Wednesday’s market activity was eclipsed by PKR depreciation which developed into a very visible tussle between the Central Bank and Finance Minister, Ishaq Dar. The market sentiment was gloomy again after Mr. Ishaq Dar hinted at reversing the yesterday’s depreciation to the same levels as of Tuesday.
FX markets responded to the statements issued by Finance Minister and the PKR appreciated to its earlier position in the first few hours of the market opening.
Almost all major sectors closed in red with notable names such HCAR, LUCK, FFC, POL and HUBC all closing negative.
7th July – Friday
The markets were relatively calm and ended the week on a positive note ahead of a politically active weekend. The events over the weekend are expected to have a decided impact on the market as the JIT probe reaches on its verdict and submits it to the Supreme Court. All eyes will be on the how the political drama unfolds.
The oil prices fell again today by 1 percent as the US oversupply continues to hamper any stability in the market. U.S. West Texas Intermediate (WTI) crude futures traded at $44.40 a barrel, down $1.12 or 2.5 percent. Their session low of $44.20 was also the lowest in over a week.
The session witnessed a cumulative incline of 399.03 points or a 0.89 percent.
The index touched an intra-day high of 45291.89 and a low of 44549.45 points, and closed at a tally of 45222.15 points.
Stock Index – Week
Oil Prices – Week
Exchange Rate – Week
