KARACHI: Stocks crawled up on Monday as the KSE-100 index added 91 points (0.30 per cent) and settled at 34,022.

Trading remained range-bound with the index moving between the intraday high and low by 131 points and 11 points. Traders said the lack of interest was likely to see consolidation at the 34,000-level for a couple of sessions before moving in either direction.

Lack of triggers, speculations over the federal budget 2020-21 likely to be announced on June 12 and the outcome of the National Coordination Committee meeting which was in session during trading hours to decide about the lockdown, kept investors anxious. Moreover, the May inflation which stood at 8.22pc in line with expectations provided a hint of a possible no change in the policy rate.

Exploration and production and banking were largely positive, while the cement, fertiliser and pharmaceutical stocks faced selling pressure. In the E&P, Pakistan Oilfields, Pakistan Petroleum and Oil and Gas Development Compamy closed in the green as the international crude prices increased ahead of the upcoming OPEC+ meeting. Profit-taking was seen in the cement where Lucky, DG Khan, Pioneer; Maple Leaf and Cherat closed in the red.

Foreigners sold shares worth $1.89 million while individuals were the main buyers of stocks valued at $2.37m. The volume declined 15pc to 198.1m shares, from 233.1m while traded value also was down by 29pc to reach $44.2m as against $62.4m. Stocks that contributed significantly included Pak Elektron, Unity Foods, Fauji Foods, TRG and JS Capital, which formed 35pc of total turnover.

Sectors contributing to the performance included banks, higher by 165 points and E&P 50 points while cement, decreasing by 40 points, power 19 points and insurance 18 points dragged the Index down.

Among scrips, OGDC, lower by 2.1pc, Habib Bank 1.7pc, MCB 4.2pc, Pakistan Petroleum 0.7pc, United Bank 3.6pc, Pakistan Oilfields 2.1pc and Bank Al Habib 3.0pc were major movers of the index.

Published in Dawn, June 2nd, 2020