Market stayed in the bullish zone throughout the day due to relief package worth 0.54% of the GDP announced by the PM. Relief package for the masses to curb the impact of inflation and enhance support to the most vulnerable class of the society for the next four months till budget. Moreover, headline inflation for month of Feb’22 clocked-in at 12.24% YoY compared to 8.70% in Feb’21 and 12.96% in Jan’22, respectively. The YoY uptick in CPI was led by Food (14.73% YoY), Transport (25.04% YoY), Housing (8.99% YoY), Clothing & Footwear (9.67% YoY), Miscellaneous (10.07% YoY), Restaurants (14.39% YoY), House Hold Equipment (13.44% YoY), Health (10.11% YoY) and Alcoholic Beverages & Tobacco (2.13% YoY). On a MoM basis, CPI reading increased by 1.15%. While Food and Transport index kept MoM inflation up, housing index declined by 1.56% MoM mainly due to decrease in electricity charges.

The Index closed at 44,803.58pts as against 44,461.01pts showing an increase of 342.57pts (+0.77% DoD). Sectors contributing to the performance include E&P (+145.8pts), Technology (+100.6pts), Chemicals (+34.7pts), Power (+20.6pts) and Banks (+16.1pts).

Volumes increased from 208.1mn shares to 309.3mn shares (+48.6% DoD). Traded value also increased by 72.3% to reach US$ 58.9mn as against US$ 34.2mn.

Stocks that contributed significantly to the volumes include WTL, TRG, TELE, TPLP and TPL.

Courtesy – AHL