KARACHI: The stock market remained range-bound in the twosession week with the KSE-100 index crawling up by 95 points to close slightly short of the 34,000-level at 33,931.

As trading started on Thursday after six-day holiday, investors remained in a sombre mood as the Eid festivities this year were marred by the disturbing situation of COVID19 which had already infected 60,000 people and the gloom that settled over the city in the wake of airplane crash killing over 90 people. They were also spooked as only two trading sessions remained for them to settle May open positions.

Investors are expecting the upcoming budget to be focused upon measures to uplift the economy. But on a negative side, the current account deficit number clocked in at $572 million in April, compared to $9m in Mar, which was a damper on sentiments.

On a positive note, the World Bank approved $500m in a loan programme to boost Pakistan`s pandemic emer-gency response. On Friday, the market recouped losses of the day earlier and piled up an extra 100 points.

Finance Adviser Abdul Hafeez Sheikh said the government was preparing a `Corona Budget` and trying to provide maximum relief to the people in it. But reports suggested that the administration was likely to set a high revenue collection target of Rs5,100bn for FY-21 34pc more than the expected collection of Rs3,800bn this year. Analysts wondered if it would be possible to meet such an ambitious benchmark.

Foreigners sold equity worth $2.42m compared to net sale of $8.77m the previous week. Outflows were witnessed in fertiliser at $2.54m, textile composite $1.81m and banks $1.01m. On the domestic front, individuals accumulated stocks valued at $3.93m, while buying by Broker Proprietary Trading stood at $0.62m.

Average volume settled at 214m shares, higher by 4pc, while mean value traded jumped 13pc to $54m.

Other major news was the Oil and Gas Regulatory Authority asked to keep room for higher levy in oil prices; government hinting at newtariff policy to reduce duties and finally, the resumption of plant operations by companies as lockdown eased.

Analysts at Arif Habib Ltd stated that the sector-wise positive contributions came from technology and communication, rising by 46 points, cement 43 points and pharmaceuticals 39 points while decliners were fertilisers, down 43 points, and commercial banks 39 points.

Scrip-wise positive contributions were led by TRG, up 28 points, Oil and Gas Development Company 26 points and Lucky Cement 23 points whereas Engro Corporation, decreasing by 49 points, and United Bank 30 points remained laggards Going forward, the market might remain bullishly inclined as value hunters muster courage to enter due to resumption of production activities. Moreover, a growth-focused budget is expected to be announced on June 12, which should also help keep confidence upbeat. The pandemic, nonetheless, would be the determining factor for the rising cases of the infected and deaths can force authorities to go for another round of lockdown.