Daily Times

While political uncertainty and currency devaluation continued in Pakistan, nervous investors were concerned about the impact of rising commodity prices on the country’s economy.

As a result, the KSE-100 benchmark index finished the week down 623.36 points, or 1.44 percent, at a level of 43,030 points.

The week began on a sour note, with investors fleeing their positions due to rising commodity prices and political turmoil in the United States.

There has been an increase in political noise and volatility in commodity prices due to the conflict between Russia and Ukraine, according to a report by Topline Securities.

However, the market took a respite on Tuesday and gained more than 600 points in a two-day bull run as market participants celebrated the decline in global crude oil prices, which fell below $100 per barrel. The market’s concerns of a significant rise in the current account deficit due to an increase in import costs were allayed by the reduction.

The market, on the other hand, changed course and fell in the most recent two sessions, mostly as the political situation in the country deteriorated as the country moved closer to a vote of no confidence.

It was also impeded by a continued fall in the rupee’s value against the US dollar, which hit a new record low of Rs180.57 in the interbank market.

As a result, the index fell by 946 points over the final two trading days of the week.

In a report from Arif Habib Limited, “domestic political turmoil and the opposition’s planned long-march against the government, is likely to keep the bourse under pressure,” noted. (Organisation of Islamic Cooperation) meetings are a major event to watch out for.

Over the course of the week, the average daily traded volume fell by 19pc to 174 million shares, while the average daily value exchanged fell by 32pc to $26 million.

(96 points), food and personal care items (15 points), and leather and tanneries (14 points) were all positive contributors in terms of the sector) (14 points).

Contrarily, oil and gas exploration businesses (310 points), banks (127), tech/communications/ media/oil marketing (42), and cement (42) all had negative effects (39 points).

Fauji Fertilizer Company (91 points), Engro Fertilizers Limited (58 points), and Bank AL Habib Limited (56 points) were the scrip-wise positive contributors (32 points).

However, Pakistan Petroleum Limited (140 points), Oil and Gas Development Company (103 points), TRG Pakistan (84 points), Habib Bank Limited (63 points), and MCB Bank (63 points) all contributed negatively to the overall score of 0 points (43 points).

For the second week in a row, foreign sales totaled $4.9 million, up from $3.13 million in the prior week. Banks made $6 million in sales, while oil marketing businesses made $0.7 million in sales.

Companies bought the most ($2.9 million), followed by banks/DFIs ($4.4 million) on the local market.

115 basis points in long-term government bonds, PM lauded ADB’s (Asian Development Bank) role in socio-economic development, petroleum prices remained unchanged, drug-makers threatened to close 600 factories next week, finance ministry sought an update on $21 billion support request from Pakistan envoy in Beijing, wheat support price raised and fertilizer subsidy approved.