KARACHI: An attempt by the bulls to dislodge the bears after two weeks was frustrated by the lack of clarity on the economic front.

Therefore, the bourse remained choppy in the outgoing week with the KSE-100 index closing about flat, up by a mere 65 points (0.15 per cent) to settle at 40,920.

On the economic front, contradictory reports on various measures to resolve the issues of twin deficits and the depleting foreign exchange reserves failed to bolster investor confidence. Foreigners were the major spoilers of the market who sold off equity worth $25 million during the week, taking the year-todate outflow to $296m.

Uncertainty over the increase in gas and electricity prices persisted during the week as investors awaited of ficial notification from the government. The market rebounded later in the week as the meeting of the Economic Coordination Committee meeting on Sept 13 managed to disperse some of the clouds of uncertainty.

However, investors await the contents of the new Finance Bill expected to be announced on Tuesday with an eye on the decision on cut in the Public SectorDevelopment Programme, which would be followed by the International Monetary Fund`s (IMF) staff level team to arrive during the last week of the month.

Analysts said that the PTI-led coalition government looks set to reverse the tax concessions of the previous government and Pakistan`s economic managers on Thursday briefed the IMF team from Washington on video conference about the proposed mini-budget and partial withdr awal of t ax incentives, imposition of regulatory duties on luxury items and slashing down development outlay.

The average daily traded volume during the week crawled up 0.2pc to 139m shares, but the average traded value escalated 19pc to $46.6m.

Leaders were Unity Foods at 58.9m shares, Maple Leaf Cement 40.4m, Descon Oxychem Ltd 32.7m, and Fauji Foods 28.7m.

Sector-wise, oil and gas exploration was the top performer, higher by 1.8pc, as investors traced the upward movement in international oil prices. Fertilisers rose as participants shed fears of the rise in gas prices. On the flip side, banks were the leading laggards which lost 2pc of the value on foreign selling at $12.1m. After alternative bouts of buying and selling, cement sector finally settled flat.Among stocks, Engro Polymer was up 1pc as the company announced fresh investment of $23m in hydrogen peroxide business. Automobiles turned weak with Indus Motor Company and Pak Suzuki ceding valueson declinein autosalesfor August by 20pc. Other stocks making positive contribution to the index included Pakistan Oilfields, increasing by 54 points, Dawood Hercules 52 points, Pakistan Petroleum 50 points, Oil and Gas Development Company 45 points and Nishat Mills 30 points.

Foreign selling of $26.1m during the week was absorbed by insurance companies and mutual funds which were net buyers of equity worth $11.8m and $10.6m, respectively.

Individuals also added shares valued at $4.64m to their portfolio whereas companies remained net sellers of shares amounting to $4.89m.

The upcoming week would be cut shorttothree sessions on accountof Ashura. The amendments to the Finance Bill which would be unveiled on Tuesday will dictate the market direction. Materialisation of reports of prime minister`s visit to Saudi Arabia may create near-term excitement in the market. Clarity on the direction of the government to address the current account deficit could improve market volumes and investor sentiments.