Market records low foreign participation | Daily News

Market records low foreign participation

Heavy retail optimism in Mid-Cap counters sustained the drive in the positive direction for the 2nd consecutive session while recording a 2 ½ week high turnover.

Transportation sector counters led the Rs 3billion plus turnover closely followed by materials sector making a joint contribution of 46%. Moreover the parcel trades boosted the turnover for the session amounting to 13%. Index experienced a gradual uptrend since the beginning of the session and closed at 5,906 gaining 63 points. Market recorded low foreign participation dominated by the selling-side resulting in a net outflow.

The secondary market yield curve slightly edged upwards on the back of selling pressure witnessed on selected mid tenor maturities amid overall market witnessing low volumes. Maturities 15.07.23 traded in the range of 5.87%-5.90% levels, 01.08.24 traded at 6.30%, 15.09.24 traded at 6.20% and 01.07.28 traded at 7.15%.

At the weekly T-bill auction, only Rs 19 billion was accepted out of the total offered amount of Rs 40 billion, notably, all three maturities were accepted at the same rate as last week. The 3 million bill and 6 million bill was accepted at 4.57% and 4.69% respectively, in addition, the benchmark 1-Yr T-bill was accepted at 4.96%.