KARACHI: Listless conditions prevailed at the stock market where the KSE-100 index moved in a narrow band to finally close flat with minuscule gain of 2.16 points at 43,682.84.
Dearth of triggers, investors’ lingering holiday mood, concerns over the twin deficits and ceaseless foreign outflows overwhelmed what ever benefit could have accrued as a result of the caretaker finance minister’s urging to the PSX board to make the amnesty scheme successful, with offer to remove all operational hurdles that might impede its progress.
According to figures released by the National Clearing Company of Pakistan, foreigners sold shares worth $0.45m, disregarding the further weakening of the rupee against the dollar.Index heavyweight sectors like banking and E&P remained under pressure with the two cumulatively scrapping 110 points from the index. Big-cap banking stocks fell prey to profit-taking while energy scrips dragged down the index on falling international crude oil prices and market viewing lesser than earlier expected production cuts to be announced by Opec in its upcoming meeting.
Sectors that strode north were mainly fertilisers and the pharmaceuticals. Fertiliser sector closed positive on reports of urea shortage and resultant retail price increase by the dealers, which prompted investors to bet on another round of price hike by the manufacturers if the government failed to release the overdue past subsidies.
FFC rose 4.44pc, EFERT 1.97pc, PPL 0.81pc, The Searle 2.96pc and TRG (5pc) adding 125 points. While MCB Bank lost 2.26pc, OGDC 1.55pc and HBL 0.79pc.Analysts expect the market to remain range-bound as investors are keenly watching out for the outcome of FATF decision on Pakistan in its meeting on June 23 and the progress over the amnesty scheme due to expire on June 30.
