PSX closes at 41,140 points, losing 1,073 points
\n KARACHI
\nStocks are mostly seen in \u2018sleep mode\u2019 next week as risk-averse investors will monitor the restive political situation unfolding in the country from the safety of their imaginary sidelines.
\nThe market closed at 41,140 points, losing 1,073 points, down 2.5%, week-on-week. Volumes averaged 214 million shares, losing 6% week-on-week, while traded value settled at $28 million, down 1% over the last week.
\nArif Habib Ltd (AHL) in a weekly note said the market was expected to remain range-bound in the upcoming week as the participants would remain cautious due to the political noise in the country.
\n\u201cHowever, the Prime Minister\u2019s visit to China may bring positive momentum in the market,\u201d the brokerage said.
\nAccording to the AHL report, the market commenced on a positive note in the outgoing week as Pakistan exited the Financial Action Task Force (FATF) grey list after four years. \u201cThe momentum later became negative after the announcement of PTI\u2019s long march plan,\u201d said the brokerage.
\nTopline Securities held political noise responsible for the decline.
\nThe disbursement of a $1.5 billion loan to Pakistan from the Asian Development Bank (ADB) was thought to come as a boost to the sentiment, but investor participation remained at the lower end owing to political uncertainty.
\nFurthermore, during the week, the rupee remained under pressure against the greenback, closing at Rs222.47, down Rs2.06 or 1% week-on-week.
\nIn addition to this, the State Bank of Pakistan (SBP) reserves went down to $7.4 billion this week, down by $157 million compared to $7.6 billion on September 14, due to external debt repayment.
\nFurther, Pakistan\u2019s 5-year CDS crossed the 50% mark during the week, the highest level since November 2009).
\nForeigners net-sold equities worth $0.97 million compared to a net-sell of $3.4 million last week.
\nMajor buying was witnessed in technology ($1.0 million), exploration and production ($0.8 million) and oil marketing companies ($0.6 million).
\nOn the local front, mutual funds shed $3.3 million worth of stocks followed by Individuals that rid themselves of $2.4 million shares.
\nMajor gainers and losers of the week
\nSector-wise positive contributions came from fertiliser (31 points), automobile parts (4.6 points), and vanaspati (0.22 points).
\nWhereas, sectors that contributed negatively were cement (208 points), technology (162 points), exploration and production (126 points), automobile assemblers (106 points) and, power (85 points).
\nScrip-wise positive contributors were Engro Fertiliser (39 points), Faisal Bank Ltd (28 points), Systems Limited (53 points), Pakistan Oilfields (22 points), and MCB Bank (21 points).
\nMeanwhile, scrip-wise negative contributions came from TRG Pakistan (159 points), Pakistan Petroleum Limited (99 points), Lucky Cement (96 points), Millat Tractor Limited (70 points), and Pakistan State Oil (67 points).<\/p>\n","protected":false},"excerpt":{"rendered":"
PSX closes at 41,140 points, losing 1,073 points KARACHI Stocks are mostly seen in \u2018sleep mode\u2019 next week as risk-averse investors will monitor the restive political situation unfolding in the country from the safety of their imaginary sidelines. The market closed at 41,140 points, losing 1,073 points, down 2.5%, week-on-week. Volumes averaged 214 million shares, […]<\/p>\n","protected":false},"author":2,"featured_media":255695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[325,205,878],"class_list":{"0":"post-292460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-kse","9":"tag-psx","10":"tag-stock"},"yoast_head":"\n