Bears tighten grip over stock market in a choppy week.
KARACHI -- The three-week gaining spree on the stock market was broken in the outgoing week as the KSE-100 index settled at 45,868 points, representing a minor fall of 63 points, or 0.43 per cent, after hitting the 46,000 level.
Following an untiring run up for weeks, the bulls appeared to have tired out. Besides, absence of positive triggers and an uncertain economic and political environment brought the stock rally to a screeching halt. World equity markets, on the contrary, soared to record highs as the new US president was sworn in. Nasdaq rose 1.52pc and Dow Jones clawed up by 0.4pc. The international oil prices edged higher but failed to move the heavyweights on the E and P sector of the local stock market.
The economic indicators that weighed on investor sentiments during the week included the emergence of current account deficit for the month of December after five months of current account surplus; the decline in foreign exchange reserves by 1.94pc to $20.1bn. The CCoE giving its approval to discontinue gas supply to captive power plants from Feb 1; increase in power tariff by Rs1.95 per unit together with hike in certain petroleum products, for the second time in a month.
Moreover, the week started on a negative note on worsening gas supply situation in the country which might result in suspension of gas supply to industries amid decline in international crude prices.
On the political side, the opposition tried to build pressure by holding a protest rally outside the offices of the Election Commission of Pakistan to press for announcement of results of foreign funding case. Investors also avoided building portfolio as they waited for the monetary policy decision by the SBP, which kept the interest rate unchanged at 7pc in line with analysts' consensus forecasts. The concerns over the second wave of Covid-19 subsided on reduced new cases and reports of China providing 0.5 million doses of Sinopharm vaccine to Pakistan by the end of this month.
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