KARACHI: Stocks traded range-bound on Friday in the absence of triggers. The KSE-100 index fell flat at the close of trading with a slight slip of 37 points (0.1 per cent) at 33,267.

Investor participation was low due the weekend ahead, shortened trading hours because of the Friday factor and as they thought it worthwhile to wait till the upcoming MSCI review before taking fresh positions.

Consolidating at the current levels, the index moved narrowly between the intraday high and low by 197 and 145 points. The market gave little thought to the international oil prices as they waited for the ease in lockdown from May 9 - the decision taken by the National Coordination Committee in consultation with the provinces.

While there was scarcely a flattening of the curve in pandemic cases, economics seemed to have forced the authorities to take the risk of longer hour relaxation in the lockdown.

A rare coordination between the government and the opposition was likely to be seen as the National Assembly meets on Monday to deliberate on the impact of COVID-19 on the country’s economy.

Foreigners sold off equity worth $2.03 million. Among local participants, insurance companies booked profit while individuals and instructions fortified their positions. The volume halved to 88m shares, from 175.8m while traded value also declined by 51pc to reach $23.9m.

Stocks that contributed significantly included Unity Foods, Hascol Petroleum, Maple Leaf, Hum Network and TRG Pakistan, which formed 34pc of total volume while cement sector led the table with 15.7m shares traded.

Selling pressure was seen throughout the session in the three index heavyweight sectors: banks, exploration and production and cement.

Among scrips, Pakistan Tobacco, Sui Northern, Hubco, Nestle and PSO were major gainers, while the benefit was washed away by decline in stock values of Engro Corporation, Habib Bank, Lucky Cement, ICI Pakistan, United Bank and Mari Petroleum.

Published in Dawn, May 9th, 2020