KARACHI: Trading on the stock market opened on a positive note in the outgoing week amid expectation of certain budgetary measures.

Arif Habib Ltd said sentiments improved as investors expected a likely tax on corporates that didn’t announce pay-outs in rec­ent years. They resorted to buying while anticipating that the rumoured tax would encourage companies to revive pay-outs.

Moreover, a statement by the International Mon­etary Fund (IMF) indicated that it remained engaged with the incumbent government to pave the way for the resumption of the loan programme.

However, the market momentum started slowing down as economic num­bers showed the highest monthly year-on-year inflation for May at 38 per cent.

Additionally, State Bank of Pakistan (SBP)-held foreign exchange reserves fell by $218 million to $4.09 billion. The rupee depreciated against the dollar by 0.1pc week-on-week and closed at 285.67.

As a result, the benchmark index of the stock market closed at 41,352 poi­nts after going up 388 poi­nts or 0.95pc from a week ago.

Sector-wise, positive contributions came from technology and communication (110 points), cement (100 points), fertiliser (75 points), exploration and production (53 points) and engineering (29 points).

According to AKD Securities, the stock market is expected to remain range-bound in the near future while the upcoming federal budget will dictate the market direction going forward.

Published in Dawn, June 4th, 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

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...