KARACHI: Stocks managed to climb on the first trading day of the week with the KSE-100 index gaining 303.61 points (0.71 per cent) to close at 42,808.66.

Market opened positive and traded sideways in the early hours due to lack of interest by participants in the absence of market-specific triggers. Investors were haunted over the fragile economy.

The Economist Intellig­ence Unit report – stating that a bailout package from International Monetary Fund would be hard to come by, owing to political resistance from both the US and China - contributed to dismal sentiments.

There were no financial results due on Monday but the prospects of some of the results to be announced in the coming days failed to gain interest of investors. On the political front, PTI’s parliamentary committee officially named party chairman Imran Khan as nominee for the next prime minister.

Sectors contributing to the index rise included cement, higher by 81 points, fertiliser 76 points, banks 46 points, autos 32 points and exploration and production 24 points.

Steel scrips, especially rolled product manufacturers, fared well where Amreli Steels and Mughal Steels were seen trading at and close to their upper circuits.

Selling activity was observed in National Bank and other mid-tier banking sector stocks such as Bank Alfalah, Askari Bank, Bank of Punjab etc. Cement sector however, performed well, where most of the scrips were seen trading in green.

In pharmaceutical, Abb­o­tt Pakistan, GlaxoSm­ithKline and Searle Company closed in red as chief justice directed the Drug Regulatory Authority of Pakistan to freeze prices of medicines in the country.

Major gainers were Engro Corporation, up 2.5pc, Lucky Cement 2.63pc, Dawood Hercules 3.12pc, Indus Motor Company 5pc and United Bank 1.05pc, adding 155 points. On the flip side, Nestle Pakistan, down 3.77pc, took away 19pts. Foreign investors sold equity worth $2.54 million.

Published in Dawn, August 7th, 2018