The three-day trading week commenced on a positive note amid optimism over the season of quarterly financial results.
Arif Habib Ltd said investors’ sentiments remained robust after the finance minister said on Monday that all conditions of the International Monetary Fund (IMF) had been met and the government was arranging another $3 billion from international creditors.
Moreover, the political temperature came down given all the parties initiated talks to decide about the date for elections. Reserves of the State Bank of Pakistan (SBP) witnessed an increase of $30 million during the outgoing week. Meanwhile, the rupee depreciated against the dollar by 0.13 per cent from a week ago and closed the week at 283.8.
As a result, the stock market’s benchmark index closed at 41,581 points after gaining 573 points or 1.4pc from the preceding week.
Sector-wise, positive contributions came from commercial banking (184 points), fertiliser (141 points), miscellaneous (38 points), chemical (36 points) and pharmaceutical (32 points).
Sectors that contributed negatively to the benchmark were technology and communication (31 points), glass and ceramics (seven points) and transport (four points).
Scrip-wise, positive contributors were United Bank Ltd (167 points), Dawood Hercules Corporation Ltd (130 points), Mari Petroleum Company Ltd (58 points), Meezan Bank Ltd (38 points) and Fauji Fertiliser Company Ltd (37 points).
Negative contributions came from Habib Bank Ltd (60 points), Systems Ltd (39 points), Pakistan Petroleum Ltd (30 points), Oil and Gas Development Company Ltd (25 points) and Engro Corporation Ltd (18 points).
Foreign selling clocked in at $14.2m versus a net sale of $0.3m a week ago. Major selling was witnessed in “all other sectors” ($16.7m) and food and personal care products ($0.4m).
On the local front, buying was reported by companies ($15.9m) and individuals ($1.6m).
