LAHORE: Pakistan’s Benchmark KSE 100 index fell 1.1 per cent or 434 points week on week basis to close at the 38645.90 mark, its lowest weekly closing in 76 weeks, since the week ending July 04, 2016. Volatility in currency and political uncertainty where National Assembly Speaker’s comments that government assemblies would not complete their tenures led the market falling to new lows.
Some respite was seen on Friday where Supreme Court dismissed a petition to reopen an old Paper Mill scam case that may have implicated the ex-prime minister and ex-finance minister in further corruption; hence market took it as a win for the ruling party. Further Supreme Court disqualified senior opposition leader Jahangir Tareen, which is also a win for the ruling party.
Stocks including LUCK (-8per cent WoW), ISL (-11 per cent), DGKC (-7 per cent), SEARL (-7 per cent) and UBL (-2 per cent) held 255 points from the index, while PPL (+3 per cent), ENGRO (+3 per cent), HBL (+2 per cent), OGDC (+1 per cent) and SNGP (+5 per cent) added 208 points. On the sector front; Engineering and Refineries shed 8 per cent, Cement and Pharma were down 7 per cent, Autos lost 3 per cent, Banks -1 per cent, while E&Ps and Fertilizer gained 1per cent and Tobacco was up 2 per cent.
Foreigners sold $ 8.9 million during the week against buying of $ 1.0 million last week. On the local front, banks were net buyers of $ 11.3 million worth of shares whereas individuals were net sellers of $ 17.8 million.
A three-member Supreme Court bench dismissed on Friday National Accountability Bureau (NAB)’s appeal to reopen the Hudaibiya Paper Mills case. The one-line order, read out by Justice Alam, states that NAB’s appeal to reopen the case is dismissed and a detailed verdict will be issued later.
The Supreme Court on Friday disqualified Pakistan Tehreek-e-Insaf (PTI) Secretary General Jahangir Tareen but ruled in favour of PTI Chairperson Imran Khan in its judgment on the disqualification case against the two party leaders. The court also ruled that the ECP will impartially investigate the foreign funding claims against the PTI chief by scrutinising accounts up till five years ago.
Nishat Mills (NML) notified the bourse that Hyundai Nishat Motors (HNML) has planned groundbreaking for auto manufacturing project on December 20, 2017, while its new spinning facility with 49.5k spindles (22k relocated) will commence commercial production on the same date.
