KARACHI: Stocks broke the three-day losing streak with the KSE-100 index closing with gains of 122.67 points (0.30 per cent) at 40,894.22.

Trading nonetheless remained choppy with the benchmark starting out at a loss and sinking all the way down to intraday low by 251 points. However, later in the day, bulls entered to pick up scrips at discounted valuations which turned the index north, rising to intraday high by 154 points.

Institutional and long-term investors stood on the sidelines as developments on host of factors kept the air thick with suspense. Government maintaining silence on the ongoing talks with the International Monetary Fund and China; the rollover week for futures contract; uncertainty over crude oil prices; monetary policy; and expectations of foreign investors’ rebalancing their portfolios in accordance with United Bank, Lucky, Maple Leaf Cement and Honda Atlas Cars being removed from MSCI’s Global Standard Index Pakistan were the matters that kept investors on tenterhooks.

The volume remained subdued, down 2pc over the earlier day to 132 million shares. Traded value also declined by 7pc to Rs6.47bn. Stocks that contributed significantly included Lotte Chemical, Pak Elektron, UBL, Descon Oxychem and TRG Pakistan, reflecting 39pc of the total turnover.

Sector-wise, banks led with contribution of 106 points on anticipation of higher interest rates in the upcoming monetary policy. Exploration and production showed slight recovery as crude oil prices increased in the international market.

As a result, Pakistan Oilfields (POL), Oil and Gas Development Company and Pakistan Petroleum (PPL) were gainers. Investors continued to book profit in the cement sector where DG Khan, Pioneer, Cherat and Lucky Cement closed in the red.

Major gaining stocks were Habib, Bank, up 2.78pc, UBL 3.85pc, Engro Fertiliser 2.82pc, Pakistan Oilfields 1.70pc and Pakistan Petroleum 0.89pc, adding 183 points.

Published in Dawn, November 28th, 2018