KARACHI: Shares on the national market began the previous week on a low note, owing to investor fears over the Russian-Ukraine conflict as well as the country’s political instability.
Net purchasing occurred in the middle of the week, according to Arif Habib Ltd, as investors welcomed a drop in global oil prices below $100 per barrel. Following a drop in coal prices, the cement industry, in particular, has stayed in the spotlight.
However, as the week drew to a close, the market was unable to maintain gains as the rupee fell to an all-time low of 180 versus the dollar. Oil prices, however, have continued their upward trend.
As a consequence, the benchmark ended the week at 43,030 points, down 623 points or 1.43 percent from the previous week.
Oil and gas exploration (310 points), banking (127 points), technology and communication (79 points), oil and gas marketing (42 points), and cement (42 points) all had negative contributions (39 points).
Fertilizer (96 points), food and personal care (15 points), and leather and tanneries all contributed favorably (14 points).
Pakistan Petroleum Ltd (140 points), Oil and Gas Development Company Ltd (103 points), TRG Pakistan Ltd (84 points), Habib Bank Ltd (63 points), and MCB Bank Ltd were all negative contributors (43 points).
Meanwhile, Fauji Fertiliser Company Ltd (91 points), Engro Fertilisers Ltd (58 points), and Bank AL Habib Ltd all contributed positively to the scrip (32 points).
Political instability surrounding the no-confidence vote, according to AKD Securities Ltd, will continue to drive the market in the future. Meanwhile, market volatility will be exacerbated by the commencement of the rollover week. Global commodities and news flow related to the current IMF review will also be important market drivers.
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