KARACHI: The stock market remained lacklustre on Tuesday as investors’ enthusiasm over the upcoming Federal Budget 2020-21 simmered down due to expectations of fewer incentives as the country would have to grapple with the twin deficits and the economy hit by the pandemic.

The KSE-100 index was up by a minor 54.03 points (0.16 per cent) and closed at 34,803.60. During the session, the benchmark hovered between intraday high and low by 106 and 61 points.

The index-heavy exploration and production sector and oil marketing companies declined with Pakistan Petroleum, Oil and Gas Development Company and Pakistan State Oil closing in the red as international crude prices retreated due to a stronger dollar and concerns of oversupply of oil following a scare on end to voluntary output cuts.

Investors were spooked by the COVID-19 deaths in the country that crossed 100 in a day with the prime minister making dire predictions of more to come.

Fertiliser shares stagnated while the pharmaceutical scrips were offloaded by investors considering them to be too heavy. Among banks, Habib posted nominal gains but remained largely positive throughout the session due to dividend being part of the price. Automobile sector performed well on expectation of incentives to be offered in the upcoming budget. Che­mi­cal stocks realized a trading volume of 47.1 million shares.

The volume increased 7pc to 238.3m shares, from 222.4m while traded value also improved by 5pc to reach $55.6m as against $53.1m. Stocks that contributed significantly included Lotte Chemical, JS Capital, Pakistan Refinery (right issue), TRG and Pakistan International Bulk Terminal, which formed 32pc of total turnover.

Sectors contributing to the positive performance included banks, higher by 61 points, cement 19 points and textile 16 points. On the flip side, losers were E&P, down 39 points, power 23 points and fertiliser 12 points.

Profit-booking was witnessed in cement where Kohat, Cherat and Maple Leaf ceded values. Among scrips, Habib Bank, lower by 0.6pc, Bank Al Habib 0.9pc and United Bank 2.5pc while Lucky Cement, increasing by 2.1pc, were the major movers of the index.

Published in Dawn, June 10th, 2020

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