KARACHI: Range-bound trading was witnessed on the stock market on the opening session on Monday. The KSE-100 index managed to close with a meagre gain of 25.91 points to 25,283.96.

The market remained in search of direction with the index trading in a band of 184 points.

The investor participation was low represented in the drop in trading value of stocks to Rs5.580 billion, from Rs7.748 billion on the last trading session on Friday, as institutions kept to the sidelines.

Some decided to book profit to put a gloss on the bottom line just before the close of accounting books on Dec 31.

Several market participants said that investors were cautious after a decline of 1.26 per cent WoW to Friday.

Foreign inflows also trickled down as fund managers were off on holidays to celebrate the Christmas and New Year.

The reins of the market were held by the second tier cement stocks which contributed 35pc to the total market volume; Maple Leaf Cement, Fauji Cement and Flying Cement were the three top volume leaders. Cement stocks continued to attract investor interest as they looked forward to healthy earnings in the upcoming half yearly results.

Textile stocks also remained strong with Nishat Chunian, Nishat Mills; Kohinoor Textile and Azgard Nine as gainers.

Fertiliser sector came under pressure over price of urea in the face of gas supply shortages. Food and consumer stocks were prominent gainers with National Food; Pakistan Tobacco and JDW Sugar hitting their ‘upper circuit’.

Analyst Ahsan Mehanti at Arif Habib Corp stated that stocks closed higher ahead of year end closing on strong valuations.

Renewed foreign interest in selected oil and banking stocks played a catalyst role in bullish activity despite rising political uncertainty amid protests.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.