KARACHI: The stock market kicked off to a positive start, extending the previous day’s gains. However, it could not sustain the momentum and caved in to selling pressure mainly in the final hours of trading. At close, the KSE-100 index settled at 40,544.11 points, reflecting loss of 52.17 points (0.13 per cent).

Trading remained choppy as investors stayed undecided on testing their risk appetite or seek the safety of fixed investment in other avenues. The index thus traded between the intraday ups and downs by 243 and 112 points, respectively. While the traders’ interest remained centered on the upcoming two-day visit of the Saudi crown prince, they were also annoyed at no progress report on the International Monetary Fund bailout.

According to figures released by the National Clearing Company of Pakisan, local participants’ activity including mutual funds was minimal but foreign investors continued to accumulate with net purchases of $2.60 million worth shares on Wednesday.

Cement shares were again the investors’ favourite which contributed the highest points as improvement in corporate bottom lines was expected due to continuous decrease in coal prices. Fauji, Maple Leaf and DG Khan Cement were briskly traded and stood out among the top volume leaders while Lucky remained under pressure. Mixed sentiment was seen in banking where Habib Bank and MCB closed in the green whereas United Bank closed in red.

The volume declined 3pc to 160m shares, from 165m but traded value increased by 11pc to reach $52m as against $47m the previous day.

Stocks that contributed positively include DG Khan Cement, adding 22 points to the index, MCB 14 points, Maple Leaf 9 points, Thal Energy 8 points and Oil and Gas Development Company 7 points while major decliners were United Bank, down 32 points, Pakistan Services 27 points, Engro Corporation 18 points, Engro Polymer and Chemicals 11 points and Lucky Cement 10 points.

Published in Dawn, February 14th, 2019