KARACHI, July 8(ABC): The Pakistan Stock Exchange (PSX) witnessed tepid trading in the outgoing week as delay in the revival of the International Monetary Fund (IMF) programme kept market participants mostly on the sidelines. Resultantly, the KSE-100 index declined 286 points or 0.7% to end the week at 41,344.01 points.
The market commenced the week on a negative note, amid concerns over the resumption of the IMF programme and the monetary policy announcement.
Moreover, the Pakistani rupee climbed up by Rs3.06 against the US dollar, closing the week at Rs207.91. In addition to this, the cement offtake reported a decline of 7.9% year-on-year during the fiscal year 2021-22.
Whereas, petrol and high-speed diesel sales during June 2022 witnessed a drop of 12% and 16% month-on-month, respectively. Meanwhile, the reduction in Arab Light price by 4% provided some respite to the investors and cushioned the overall dip.
Other major developments during the week were: SBP extended the deadline for implementing IFRS-9 to January 1, 2023, bank advances to the private sector swelled by 142%, Rs9.42 per unit tariff hike approved for K-Electric, and urea sales rose by a massive 73% month-on-month.
Meanwhile, foreign buying was witnessed this week, clocking in at $1.63 million against a net buy of $1.52 million recorded last week. Buying was witnessed in all other sectors ($0.63 million), and technology ($0.56 million).