KARACHI: Stock market remained dull in directionless trading on Wednesday with the KSE-100 index closing almost flat, up by only 15.57 points at 49,874.96 points.

Investors kept to the sideline in the absence of a trigger as the regulator tightened its noose on the illegal ‘badla’ providers.

The comforting factor was a slight net purchase by the foreign investors.

The KSE-100 index oscillated between the intra-day high and low of 178 and 116 points, respectively. Volume rose to 498 million shares from 397m shares a day ago, while the trading value climbed to Rs20.8 billion from Rs17.3bn.

Dealers at Topline Securities observed that the bourse witnessed a range-bound session as cautious investors preferred to book profits.

Index heavy MCB Bank and United Bank declined between 4pc and 4.6pc, while Nishat Mills, Engro Corp and International Steels (ISL) supported the index to close in the green.

Imposition of anti-dumping duties on galvanised coils from China by the National Tariff Commission helped ISL to close at its upper limit.

MCB Bank and Engro Fertiliser announced 2016 results with eps at Rs19.8 and Rs6.9, which remained below market expectations.

“Strong earnings outlook in cement, banking and auto scrips played a catalyst role in higher close at PSX,” said Ahsan Mehanti of Arif Habib Corp.

Intermarket Securities anal­ysts said “support to the index came from Nishat Mills which rallied 5pc on the back of its latest joint venture with Hyundai, Engro gained 1.40pc drawing investor interest amid expectations of robust payout and ISL underpinned by upcoming expansion plan leading to perception of robust earnings going forward.”

Published in Dawn February 9th, 2017