KARACHI: The directionless stock market saw another volatile session on Monday with the KSE-100 index oscillating between the intraday high of 141 and low of 75 points to finally settle at 31,369.51, up 75.43 points.
Volume remained unchanged at around 130 million shares with value decline to Rs6.2 billion.
Foreigners again turned net sellers of stocks worth $2.08m, taking the year-to-date outflow at $89.33m. Individuals bought shares valued at $2.94m which mitigated the impact of foreign outflows.
The market lacked triggers and while the volatility in global oil prices was a concern on the minds of investors, the news of permanent gas supply to Engro Fertilisers breathe some life into the market.
E&P, refineries, OMCs, banks and autos remained under selling pressure whereas fertilisers and cements managed to outshine the rest.
According to dealers at Global Securities, the major laggards were HBL 1.33pc, KAPCO 2.46pc and MCB 0.79pc, which cumulatively pushed the index down by 58 points. However, the major gainers were HUBC 3.03pc, LUCK 3.83pc, ENGRO 2.07pc, FFC 1.88pc and EFERT 4.02pc, which added 156 points to the index.
“PSO came off 1.10pc on news of circular debt swelling to Rs300bn. Commercial banking sector also remained bearish due to banking spreads dropping to 11-year lows,” said Ahmed Saeed Khan at JS Global.
Analyst Ahsan Mehanti at Arif Habib Corp commented that stocks closed higher led by fertiliser and cement scrips.
Strong results led institutional interest despite turmoil in global equities, soft crude prices and dismal data on fertiliser sales and exports. Falling bond yields and easing political uncertainty were major factors in positive close.
Courtesy : Dawn News