KARACHI: Stocks lurched forward on Thursday with the KSE-100 index up by 76.24 points (0.21 per cent) to close at 37,243.20.
After nine out of 10 days closing in the green, the market swayed both ways on quick bouts of buying and selling. The index thus remained volatile, moving between the intraday high and low by 340 and 37 points, respectively.
Traders said that institutions were generally on the sidelines waiting for some cooling after the massive upsurge in the previous fortnight. While the economy went on the back burner, investors were seized by politics. They took positive impact as the JUI-F wrapped up its sit-in in Islamabad without any untoward incident.
But on the other hand, the complexity that developed on the ailing former PM Nawaz Sharif’s fly-out to London for treatment kept the air filled with suspense. The index remained in green zone during early hours but ceded most of the gains in later day as profit-taking triggered in key sectors.
Market was carried forward mainly by the individuals thought to be high net worth who bought shares worth $9.83 million. Mutual funds saw further investment of pension fund of $2.45m while foreigners and banks decided to take profit.
The volume increased 22pc to 336 million shares, from 275.4m whereas traded value declined by 6pc to $65.4m, as against $69.2m the previous day.
Sector-wise, autos were higher by 40 points, banks 23 points, cement 23 points, pharma 17 points, technology 13 points while E&P decreased by 33 points and oil and gas marketing companies 16 points.
Among scrips, major gainers included Meezan Bank, higher by 4.57pc, Bank Al Habib 1.85pc, Indus Motor 4.72pc, Millat Tractors 5pc and DG Khan Cement 3.65pc which was partially offset by losses in Habib Bank, down 1.39pc, Colgate-Palmolive 4.95pc and Oil and Gas Development Company 0.58pc.
Published in Dawn, November 15th, 2019