By Hamid Mahmood ISLAMABAD, March 29 (INP-WealthPK): The market remained sluggish last week (March 21-25) due to local political uncertainties and delayed progress on the IMF negotiations. Although the market got some traction on February 22 as a result of a 78% month-on-month decrease in the current account and the historic agreement on Reko Diq between the federal government, Balochistan government, and Barrick Gold Corporation, it was short-lived. The index remained range-bound due to the rising cut-off rates in the T-bill auction, which signalled monetary tightening, as well as the rupee's weakness to a historic low, crossing the 181/USD level. According to WealthPK research, the market settled at 43,551.14 points, gaining 522 points (up by 1.2%). Whereas the all-share index gained 381.59 points, KSE30 Index gained 223.42 points, and the KMI30 Index 950.87 points on week-on-week basis.

Index	Week Start	Week-End	Change	% Δ
KSE 100 Index	43,029.97	43,551.14	521.17	1.211179092
All Shares Index	29,478.40	29,859.99	381.59	1.294473241
KSE 30 Index	16,434.06	16,657.48	223.42	1.359493637
KMI 30 Index	69,139.72	70,090.59	950.87	1.375287606

Source: PSX/ WealthPK research Stocks were tepid in their response to the end of the decade-long Reko Diq case on Monday, March 21, earning minor gains amid little activity, owing to the country's political turmoil, which is far from resolved. After touching a day high of 43,387.50 and a low of 43,029.97 points, the benchmark KSE-100 Share Index gained 200.25 points, or 0.47 percent, to end at 43,230.22 points. Stocks concluded a quiet day on a flat note on March 22, owing to profit-booking ahead of a market vacation, as increased political turmoil kept investors speculating what would happen next amid a plummeting rupee. The KSE-100 Share Index fell 26.43 points, or 0.06 percent, to 43,203.79 points. Late value-hunting rescued a sparsely-participated volatile day despite sustained political and economic turmoil on Thursday, March 24, as the stocks closed higher. After trading as low as 43,569.16 and as high as 42,936.06 points in intraday trade, the KSE-100 Share Index closed at 43,522.55 points, up 318.76 points or 0.74 percent. Stocks did not move far from home in either direction on Friday, March 25, as all eyes are on the outcome of the no-trust motion, which was initially slated on Friday but was extended to Monday, resulting in some late purchasing. After hanging between a high of 43,686.35 and a low of 43,375.38 points, the KSE-100 Shares Index finished barely 28.60 points or 0.07 percent shy of a negative close at 43,551.15 points. [caption id="attachment_65392" align="aligncenter" width="696"] Source: PSX/ WealthPK research[/caption] Last week, the Foreign Investors Portfolio Investment (FIPI) realised a profit of up to $4.12 million by selling their shares. Foreign corporations sold their shares for $5.16 million, the greatest amount of money made this week, followed by banks with $4.59 million and companies with $1.96 million. Individuals bought up to $2.63 million worth of stock, followed by Mutual Funds that bought $5.33 million worth of stock. Insurance companies bought shares worth up to $1.86 million. Owing to the political upheaval and the approaching vote of no confidence, financial analyst at Arif Habib Private Limited, Ahsan Mehanti, predicted that the market will stay range-bound next week. At the international level, any de-escalation of tensions between Russia and Ukraine might spark a market bounce. Market players should also be aware of high commodity prices; any signs of a drop in oil prices would help the local bourse's attitude. Experts advise clients to invest solely in long-term blue-chip stocks. Banking sectors (United Bank, Habib Bank, Faysal Bank, Meezan Bank, and Muslim Commercial Bank) petroleum (Pakistan State Oil, Oil & Gas Development Company, and Pakistan Petroleum), automobile (Indus motor), and cement sectors (Lucky cement and Fauji Cement) are the favoured stocks for the next week.