The KSE-100 index bled through most of the week, closing 2.9 percent week-on-week (WoW) lower at 37,522 levels.
Market participation also dipped during the week with 7.5 percent WoW decline in average daily traded volume (119 million shares) and 20.4 percent WoW decline in average daily traded value (US$ 25 million).
Almost all sectors contributed towards the decline, where heavy-weight sectors such as Commercial Banks (-3.8% WoW), Power (-4.9% WoW) and Oil & Marketing Companies (-5.5% WoW) underperformed the benchmark index.
Furthermore, in spite of steady decline in international coal prices and news of increase in cement prices in the Northern region, the Cement sector declined by 2.2 percent WoW (however outperformed by 0.7 percent).
Overall net foreign selling worth US$3.6mn was recorded on the bourse during the week. On the economic front, CPI data for March-2019 marked the highest number since November-2013 (9.4 percent), which was released during the week.
Higher CPI figures added to the continuing concerns over the macro-economic indicators, while Pakistani Rupee continued to devalue against the US$ during the week as well, sadi Ms Amreen Soorani, an equity analyst.
Other key news during the week include increase in prices of petrol and High Speed Diesel (HSD) by Rs6/ltr compared to recommended increase of Rs12/ltr, the Prime Minister is scheduled to perform ground-breaking of housing projects in Islamabad and Quetta, ADB projects slower growth, higher inflation for Pakistan, the government plans another amnesty scheme for non-filers, Hub Power Company (HUBC) announced Rs7 billion right share issue to partially finance ongoing expansions, Suzuki Alto is set to make a comeback, Honda Car (HCAR) and Pak Suzuki (PSMC) raised their respective variants’ car prices, and Shifa International (SHFA) has announced issue of 12 percent shares to IFC.