KARACHI: The stock market staged another range-bound session on Thursday as investors’ sentiments remained mixed, between hope and despair. The KSE-100 index repeated yesterday’s performance with minor gains of 66.74 points (0.16 per cent) to settle at 41,716.10.

While the much awaited visit of prime minister to China and anticipation of another tidy financial assistance package encouraged buyers, the countrywide protests in the aftermath of Wednesday’s decision by the Supreme Court, spooked investors who opted to book profit.

On the economic front, the federal government has announced an increase in the prices of all petroleum products for November.

Foreign investors’ sold stocks worth $3.15 million while individuals bought shares valued at $4.29m.

The market opened weak and touched intraday low by 195 points before institutions rushed to pick up scrips that pushed the index up to intraday high of 178 points. Healthy volumes were seen in cement, chemical and transport sectors.

Overall volume decreased 14pc to 245m shares, while the traded value declined 13pc to Rs9.9 billion. Stocks contributing significantly included Pakistan International Bulk Terminal, Bank of Punjab, Pak Elektron, TRG Pakistan and K-Electric, reflecting 30pc of total volume.

Among sectors, textiles dominated investor interest adding 34 points to the index, Nishat Chunian and Kohinoor Textile Mills hit their upper circuits while Nishat Mills and Gul Ahmed Textiles also attracted interest.

In cement, Maple Leaf, Cherat and Kohinoor Cement closed with gains while Lucky ended in red. Pharma sector witnessed investor’s interest where major players Ferozsons, Searle, Highnoon and Glaxo hit their upper limits.

Major gainers were Searle Company, up 5pc, Hub Power 1.58pc, Engro Corporation 0.94pc, Nishat Mills Ltd 3.2pc and Colgate-Palmolive Pakistan 5pc, adding 93 points. On the flip side, Lucky Cement, down 2.10pc, United Bank 1.61pc and Habib Bank 0.90pc took away 74 points.

Published in Dawn, November 2nd, 2018