KARACHI: Stock market took investors on a roller- coaster ride on the last trading day of the week where the volatility intensified in the second session. The KSE-100 index managed to close with gains of 102.67 points (0.24 per cent) at 43,167.76.
Traders said the market was still in search of a direction, which could be provided by the State Bank monetary policy and the herald of corporate results reporting season next week.
AHL Research stated that by the end of session, news of further foreign inflows of $500 million made its way into the market. “The amount proved to be the highest amount in a single day yet.”
Analyst Ahsan Mehanti affirmed that stocks moved higher in line with the global bullish trend and uppish international oil prices. The upbeat data on foreign direct investment which surged by 68pc to $1.34 billion in Jul-Dec’19, record receipts in T-bills, rupee stability and fattening foreign exchange reserves played a catalyst in the positive closing.
Among participants, mutual funds and individuals did some shopping at lower levels. Foreigners were disinterested and sold equity worth $0.64m. The volume declined 8pc to 211m shares, from 230m while traded value fell 4pc to Rs6.3bn, from Rs6.5bn. Leaders were small-cap stocks with six of the ten scrips trading below their par value of Rs10. Bank of Punjab and TRG Pak Ltd together contributed 51m shares, representing quarter of the aggregate turnover.
Sectors posting positive performance included oil and gas marketing companies, autos, fertilisers and textiles. Scrip-wise, major gainers were Pakistan Services, higher by 5pc, Pakistan State Oil 1.68pc, Thal Ltd 5pc, Meezan Bank 1.78pc and Engro Corporation 0.52pc. On the flip side, laggards were MCB, down 0.95pc, Dawood Hercules 0.78pc, Bank of Punjab 1.63pc, Hub Power 0.25pc and National Bank 0.96pc.
Published in Dawn, January 18th, 2020