KARACHI: The sentiment on the stock market remained predominantly negative in the outgoing week primarily because of the prevailing uncertainty about the resumption of the International Monet­ary Fund (IMF) loan programme.

Arif Habib Ltd said economic numbers released during the week by the authorities showed the GDP grew 0.29 per cent in 2022-23 in sharp contrast to the preceding year’s 6.1pc growth. Additionally, State Bank of Pakistan (SBP)-held foreign exchange reserves fell by $119 million week-on-week to $4.19 billion. The rupee depreciated against the dollar by 0.23pc over the preceding week and closed at 285.15.

As a result, the benchmark index of the stock market closed at 40,964 points, down 635 points or 1.53pc week-on-week.

Sector-wise, negative contributions came from commercial banking (112 points), oil and gas exploration (70 points), technology and communication (63 points), power (56 points) and fertiliser (44 points).

Sectors that contributed positively were food and personal care products (25 points), textile composite (18 points) and textile spinning (seven points).

Scrip-wise, negative contributors were the Hub Power Company Ltd (47 points), United Bank Ltd (39 points), Oil and Gas Development Company Ltd (39 points), Pakistan Petroleum Ltd (36 points) and Systems Ltd (28 points).

Positive contributions came from Nestle Pakistan Ltd (18 points), Engro Corporation Ltd (16 points), Unilever Pakistan Foods Ltd (14 points), Gatron Textile Mills Ltd (13 points) and Colgate-Palmolive Pakistan Ltd (nine points).

Foreign selling was witnessed during the outgoing week as it clocked in at $2.1m versus a net purchase of $0.6m a week ago. Major selling was witnessed in fertiliser ($1.1m) and technology and communication ($1m). On the local front, buying was reported by banks ($2.4m) and individuals ($1.3m).

Published in Dawn, May 28th, 2023