KARACHI: Trading on the stock market commenced on a positive note in the outgoing week as investors expected the signing of a staff-level agreement with the International Monetary Fund (IMF).

Arif Habib Ltd said the rollover of a loan from a Chinese bank further fuelled the momentum in stock prices. Investors became upbeat when Finance Minister Ishaq Dar said the government would reach the staff-level agreement with the Washington-based lender for the ninth tranche of the Extended Fund Facility in the next few days.

Furthermore, reserves of the State Bank of Pakistan (SBP) increased by $487 million to $4.3 billion after the disbursement of a commercial loan from China.

Gross inflows to Roshan Digital Accounts (RDAs) witnessed a growth rate of 14 per cent on a month-on-month basis in February. The overall cumulative gross flows to RDAs amounted to $5.8bn. However, the rupee depreciated against the dollar by 2.85 or 1pc on a weekly basis and closed at 280.77.

Meanwhile, remittances witnessed a decline of 9pc on a yearly basis to $2bn in February. Another important development was related to textile exports, which plummeted in February by 28pc on an annual basis and 9pc on a monthly basis.

Thus, the benchmark index of the stock market closed at 41,794 points after gaining 457 points or 1.1pc from a week ago.

Sector-wise, positive contributions came from cement (200 points), technology (93 points), power (92 points), banks (89 points) and engineering (37 points).

Sectors that contributed negatively were miscellaneous (161 points), insurance (14 points) and chemical (11 points).

Scrip-wise, positive contributors were the Hub Power Company Ltd (89 points), Habib Bank Ltd (72 points), Lucky Cement Ltd (50 points), Systems Ltd (48 points) and Pakistan Petroleum Ltd (36 points).

Published in Dawn, March 12th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Price bombs
17 Jun, 2024

Price bombs

THERE was a time not too long ago when the faces we see sitting in government today would cry themselves hoarse over...
Palestine’s plight
Updated 17 Jun, 2024

Palestine’s plight

While the faithful across the world are celebrating with their families, thousands of Palestinian children have either been orphaned, or themselves been killed by the Israeli aggressors.
Profiting off denied visas
17 Jun, 2024

Profiting off denied visas

IT is no secret that visa applications to the UK and Schengen countries come at a high cost. But recent published...
After the deluge
Updated 16 Jun, 2024

After the deluge

There was a lack of mental fortitude in the loss against India while against US, the team lost all control and displayed a lack of cohesion and synergy.
Fugue state
16 Jun, 2024

Fugue state

WITH its founder in jail these days, it seems nearly impossible to figure out what the PTI actually wants. On one...
Sindh budget
16 Jun, 2024

Sindh budget

SINDH’S Rs3.06tr budget for the upcoming financial year is a combination of populist interventions, attempts to...