KARACHI: The stock market on Thursday remained choppy with the KSE-100 index managing to climb 192.09 points (0.45 per cent) and close at 42,923.95.

The market remained range-bound due to lack of strong positive triggers. Investor sentiments improved after caretaker PM Nasirul Mulk asked President Mamnoon Hussain to call the meeting of the National Assembly on August 13 where new lawmakers will take the oath of office and elect a prime minister. With the clarity emerging on the political front, investors’ focus was now shifting to the on ongoing results season.

The index remained in the green except for a brief moment when it slid in the red by 35 points. Market consolidated in a narrow range, however attractive valuations enticed participants which saw late buying in select blue chips in cement, fertiliser, oil and gas marketing companies and mid-tier banks.

Figures released by the National Clearing Company Ltd showed foreign selling of $9.63 million. Market watchers said that it was second day of foreigners’ exit mainly from Oil and Gas Development Company. But unlike the previous day when insurance companies bought almost all of the foreign sell-off, mutual funds came to the rescue this time.

Market participants showed interest in the cement sector on weak coal price outlook, adding 95 points. Other sectors contributing to index performance included fertiliser, higher by 64 points, oil and gas marketing companies 31 points, textile 27 points, power 25 points while banks scrapped 28 points and tobacco 25 points.

Major gainers were Lucky Cement, up 2.58pc, Sui Northern Gas Pipelines 3.95pc, Engro Corporation 1pc, Hub Power 1.38pc and Dawood Hercules 2.02pc, adding 120 points. On the flip side, Pakistan Oilfields, down 2.10pc, Pakistan Tobacco 4.22pc and United Bank 1.31pc took away 78 points.

Published in Dawn, August 10th, 2018