KARACHI: Trading remained range-bound on the stock market on Thursday as the benchmark index opened in the red and dropped to intra-day low by 75 points on news of proposed hike of petrol price by Ogra, plunge in international oil prices and news over rigorous regulations for futures markets.
On the last day of 2015, the KSE-100 index declined by 8.72 points to settle at 32,816.31.
Dealers at Global Securities said: “During last trading hour index recovered some of its lost grounds by rallying 100 points on reports of 3pc growth in cement despatches and the PM’s announcement of maintaining petroleum prices.”
Volumes for the day increased by 24.5pc over a day ago to 99.6m shares while traded value increased by 7.7pc. Small cap stocks stood out as volume leaders. For a change, foreign investors turned net buyers on the last day of the year, picking up stocks worth $2.12m. Overall, net sales by foreign funds during Dec stood at $34.32m and outflow for the year at $315.20m.
“The inauguration of China-Pakistan Economic Corridor’s (CPEC) western route by the prime minister invited investor interest in selected cement stocks,” stated dealers at Topline Securities. MLCF and DGKC increased 2.1pc and 0.4pc. Netsol Technologies (NETSOL) closed at its upper limit (up 5pc) after the company announced that a majority shareholder had bought 225,000 shares of the company.
Courtesy : DawnNews