KARACHI: The four-session winning streak of the local equity market extended into the last day of the week with the KSE-100 index gaining 122.47 points (0.34 per cent) and close at 35,703.81.

But unlike the past four days, the bulls appeared to have tired out as the Index was volatile and moved between the intra-day high and low by 185 and 145 points. Investors were also overwhelmed by the massive rise of 10pc in the index during the week and some opted to book profit at the current levels instead of carrying positions to the next week.

On the news front, the government announced that budget for the next fiscal year 2019-20 would be presented in the National Assembly on 11th June.

Other than that, many traders thought that the impact of the completion of staff level talks with International Monetary Fund and the turnaround in mutual funds from selling to buy were already priced in. However, investors’ confidence could receive a further boost next week in case the government sponsored market support fund materialises.

Traded volume declined 38pc over the previous day to 142 million shares. Major contribution to the market volume came from Unity Foods Ltd, Maple Leaf Cement Factory (MLCF), and TRG Pakistan, which churned 26.8m shares. Daily traded value decreased to Rs6.1 billion, from Rs7.2bn.

Cement stocks continued to gain for the third straight day, broadly higher on the back of market whispers over a giant leap in cement prices next week.

Cherat Cement was up 2.6pc; Pioneer hit the upper lock; Fauji Cement (FCCL) gained 3.6pc; D. G. Khan Cement closed higher 1.44pc, Lucky Cement (LUCK) rose 3.01pc and MLCF hit its upper circuit.

As the oil prices slipped almost 5pc, the exploration and production shares came under the hammer. Pakistan Petroleum Ltd closed lower 2.38pc while Pakistan Oilfields Ltd plunged 2.86pc and Oil and Gas Development Company declined 2.91pc.

Scrip-wise, the leading gainers were Fauji Fertiliser Company up 4.41pc, LUCK 3.01pc, Dawood Hercules 2.85pc, FCCL 3.60pc, Engro Polymer and Chemicals Ltd 4.98pc, Nestle Pakistan 3.56pc, Engro Foods 4.99pc, United Bank Ltd 1.40pc, National Bank of Pakistan 4.55pc and Bank Al Habib Ltd 1.02pc.

Published in Dawn, May 25th, 2019