KARACHI: The stock market opened on a positive note in the outgoing week after the resident representative of the International Monetary Fund dismissed rumours that Pakistan needed to raise $8 billion instead of $6bn to finance its external debt repayments.

Arif Habib Ltd said political tensions eased a little after the chaos witnessed a week earlier. Additionally, the price of petrol came down by Rs12 per litre while that of high-speed diesel was slashed by Rs30 per litre.

Economic numbers released by the authorities showed that the current account posted a surplus of $18 million in April while the output of large-scale manufacturing industries declined 8.1 per cent year-on-year during the first nine months of 2022-23.

Moreover, the government raised Rs444 billion through an auction of treasury bills. However, State Bank of Pakistan-held foreign exchange re­­serves fell by $72m week-on-week to $4.38bn. The rupee depreciated against the dollar by 0.26pc on a week-on-week basis to close at 285.8. As a result, the benchmark index of the stock market closed at 41,599 points, up 112 points or 0.3pc on a week-on-week basis.

According to AKD Securities, political stability can instil investors’ confidence in the market. “However, the market upside is expected to remain limited due to record high-interest rates along with a decline in economic activity and rampant inflation,” it said, adding that investors should take a cautious approach while building positions.

Published in Dawn, May 21st, 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

First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...
Afghan puzzle
Updated 28 May, 2024

Afghan puzzle

Unless these elements are neutralised, it will not be possible to have the upper hand over terrorist groups.
Attacking minorities
28 May, 2024

Attacking minorities

Mobs turn into executioners due to the authorities’ helplessness before these elements.
Persistent scourge
Updated 29 May, 2024

Persistent scourge

THE challenge of polio in Pakistan has reached a new nadir, drawing grave concerns from the Technical Advisory Group...