KARACHI: The stock market exhibited lacklustre activity in the outgoing four-day trading week.
Arif Habib Ltd said stock prices remained relatively unchanged as investors anticipated an impending increase in gas prices — something that didn’t materialise.
This expectation, coupled with profit-taking by investors, contributed to the subdued market performance.
Meanwhile, repatriation of profits and dividends by foreign investors on their local investments rose 74.4 per cent during the first two months of 2023-24. The rupee settled at 287.74 after appreciating 1.4pc during the week. Meanwhile, the foreign exchange reserves of the State Bank of Pakistan were depleted by $59 million to settle at $7.6 billion.
As a result, the benchmark index of the stock market closed at 46,233 points after shedding 189 points or 0.4pc on a week-on-week basis.
Sector-wise, negative contributions came from technology and communication (176 points), commercial banking (170 points), automobile assembling (59 points), fertiliser (34 points) and investment banking (30 points).
Sectors that contributed positively were cement (85 points), oil and gas exploration (52 points) and power generation and distribution (46 points). Scrip-wise, negative contributors were Systems Ltd (166 points), Habib Bank Ltd (111 points), Millat Tractors Ltd (61 points), United Bank Ltd (47 points) and Engro Corporation Ltd (34 points). Positive contributions came from Lucky Cement Ltd (43 points), the Hub Power Company Ltd (41 points), Pakistan Oilfields Ltd (40 points), Interloop Ltd (22 points) and EFU General Insurance Ltd (22 points).
Foreign buying clocked in at $0.19m versus a net purchase of $0.29m a week ago. Major buying was witnessed in commercial banks ($1.54m) and oil and gas marketing companies ($0.22m). On the local front, selling was reported by banks ($3.6m) followed by companies ($1.42m).
The average daily volume arrived at 203m shares, up 46pc from a week ago. The average value traded settled at $23m, up 46pc.
Published in Dawn, October 1st, 2023
