KARACHI: The stock market finally managed to break the five-session losing spree on Friday when the KSE-100 index clawed back into the positive territory with a minor gain of 45.33 points (0.11 per cent). The index closed on the last day of trading at 40,284.14.

Investors breathed a sigh of relief as the bleeding index that saw loss of 1,760 points in the previous five days came to an end. The market waited impatiently the whole day for the announcement of verdict in the Avenfield case against Nawaz Sharif and Maryam Nawaz.

The decision by the accountability court was announced only 10 minutes before the close of the second session of trading. No immediate panic-selling after the verdict was taken as a positive signal, which indicated that the investors and traders considered it an end to the political uncertainty.

Activity remained dull with 104 million shares traded, 28pc lower over the day earlier.

As most of the activity centred on small-cap stocks, traded value declined 33pc to Rs3.3 billion. Figures released by National Clearing Company showed minor outflows and lack of trading interest from institutions except for mutual funds that closed positions with sale of shares worth $3.6m. Individuals were net buyers of stock valued at $2.4m.

Cement sector closed in the green zone where big players such as Fauji Cement, up 0.18pc, DG Khan Cement 0.33pc, Maple Leaf Cement 0.13pc and Pioneer Cement 1.13pc were the major gainers.

In the banking sector, United Bank, increasing by 0.17pc, Meezan Bank Ltd 0.61pc, Bank Alfalah 0.31pc and Bank Al Habib 0.09pc finished with modest gains.

Stocks that contributed positively included Hub Power, higher by 25 points, Pakistan 24 points, Dawood Hercules 16 points, Kot Addu Power 9 points, and Pakistan Tobacco 6 points. Shares that contributed negatively include Mar Petroleum, lower by 10 points, National Foods 8 points, Searle Company 7 points, HBL Growth Fund 5 points and K-Electric 5 points.

Published in Dawn, July 7th, 2018