Stocks extend losses in depressed week

The stock market experienced subdued activity in the outgoing week primarily because of the prevailing uncertainty surrounding the completion of the International Monetary Fund (IMF) programme, said Arif Habib Ltd. On the economic front, Pakistan recorded a current account surplus of $255 million in May versus a surplus of $78m in April. Additionally, the government raised over Rs2.4 trillion through the auction of treasury bills. Foreign reserves held by the State Bank of Pakistan (SBP) fell by $482m week-on-week to $3.5 billion. Meanwhile, the rupee appreciated against the dollar by 0.16 per cent on a week-on-week basis. As a result, the dollar rate closed at 286.74. The KSE-100 index closed at 40,065 points, down 1,236 points or 3pc on a week-on-week basis. Sector-wise, negative contributions came from commercial banking (214 points), fertiliser (194 points), technology and communication (181 points), chemical (114 points) and oil and gas exploration (109 points). The only major sector that contributed positively to the index was tobacco (14 points).