KARACHI: Stocks closed flat on Friday with the KSE-100 index clawing up by mere 5.48 points (0.01 per cent) and close at 37,547.49.
Participation remained thin with the traded volume at 64m shares, representing the lowest volume in six months. The index drifted aimlessly between the intraday high of 273 and low by 67 points in choppy trade.
The market opened on a positive note with individuals and mutual funds showing interest in attractively valued scrips. However, the index succumbed to selling pressure from financial institutions. While the mutual funds rebalanced stocks, individuals – mainly the day traders and punters – made odd purchase and sale to pocket small profits.
Foreign investors kept to the sidelines with net sale of $0.09 million. Investors’ disinterest in trading stemmed from lack of positive triggers and concerns over the upcoming supplementary budget and the outcome of negotiations with the International Monetary Fund. In an uncertain scenario, investors were not generally inclined to carry positions over the weekend.
Traded volume decreased 5pc to 64.1m shares, from 67.9m shares while value traded declined by 7pc to $22.7m as against $24.3m. Stocks that contributed significantly included TRG Pakistan, Pak Elektron, Kohinoor Industries, Hum Network Ltd and Dewan Cement, representing 26pc of total turnover.
Exploration and production sector gained on the back of higher international crude oil prices with Oil and Gas Development Company, Pakistan Petroleum and Pakistan Oilfields increasing value.
Commercial banks closed higher than the previous day while banking sector added 74 points. Cement sector with an addition of 12 points remained lacklustre, where Pioneer and Maple Leaf closed in the green.
Overall, major contribution to the index upside came from Habib Bank, up 1.54pc, Dawood Hercules 2.97pc, Adamjee Insurance 4.43pc, Bank Alfalah 1.46pc and Bank Al Habib 0.67pc, adding 78 points. On the flip side, Nestle Pakistan, down 3.54pc, took away 15 points.
Published in Dawn, January 5th, 2019
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