AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

With foreign investment outflows unabated, the Pakistan stocks witnessed what analysts said a "sluggish" week to have lost 0.6 percent or 204 points to close at 32,877. Daily trade volumes, which on Thursday ebbed to two-month low of 86 million, averaged 32 percent down on 113 million shares.
The value of stocks traded contracted 33 percent to Rs 5.3 billion ($50.6 million), a level last seen in May last year.
The week's major gainers included scrips from industrial metals and mining and beverages, up 3.5 and 2.6 percent. The losers were from automobile and parts and commercial banks shedding value by four and 3.4 percent, respectively.
Foreign investors remained jittery to have sold portfolios worth $2.3 million, on net basis. Most of the outflows, $2.6 million and $2.4 million, were seen in oil and gas exploration and chemicals sectors. Backed by mega infra projects like China-Pakistan Economic Corridor, the cement issues were able to attract $2.8 million inflows during the week that ended on March 25.
"Activity remained dull at the local bourse throughout the week due to lack of any triggers," viewed analysts at Topline Research. They said investors cherry-picked stocks in automobile stocks, driven by announcement of Auto Policy 2015; cement stocks, in anticipation of better sales going forward; and oil stocks, owing to volatile global oil prices.
Market observers at Arif Habib Limited Research observed that the bourse reversed gains after four consecutive weeks.
"While several overseas markets remained downcast, MSCI Pakistan, EM and FM index closed down 1.7 percent, 1.6 percent and 0.2 percent, respectively," they said. This, analysts said, was amid the FED confessing to a possible rate hike in April (USD making weekly gains and mounting US crude piles intensifying the global oil glut.
"Meanwhile, with the publication of the long-awaited Automotive Development Policy indicating greater tariff benefits for potential new entrants resulted in hesitant investors dragging down INDU and PSMC; although, it may take some time for competition to threat the existing auto giants," they added.
Albeit, not all was gloomy, with an additional 15 percent regulatory duty imposed on finished iron and steel products, the sector garnered some investor interest across the board. "Foreign activity remained sluggish," they said.
With State Bank of Pakistan expected to unveil the upcoming monetary policy next week, the analysts expect the same to be a "non-event" for the market. However, they said, banking sector might exhibit some exuberance. "Key risks to the index performance remains foreign outflows, unpredictable commodity prices and sudden PKR depreciation against USD," AHL analyst said.

Copyright Business Recorder, 2016

Comments

Comments are closed.