KARACHI: Stocks continued to rise for the fifth successive day but with dwindling investor participation as the bulls seemed to have tired out after a run up that saw the KSE-100 index gain more than 1,000 points (three per cent) over the previous four sessions.

On Friday, the index traded in a narrow band between the intraday high and low by 127 and 60 points. At the close of the session, the benchmark had crossed the 35,000-point huddle and settled at 35,051.38 with a gain of 73.20 points (0.21pc).

Nominal increase in rates of profit on National Saving Schemes effective July 2, was taken in stride as investors’ were awaiting flow of liquidity in equities after the government put a ban on institutions in NSS also at the same time.

Analyst Ahsan Mehanti commented that improving deficit data on trade balance; investor speculation ahead of corporate earnings announcements next week and rupee making slight recovery against the dollar played a catalyst role in bullish close at PSX.

Foreign sales slowed down to $1.35 million. The volume slumped 54pc over the previous day to 175.8m shares while the traded value also declined by 46pc to reach $40.6m. Second-tier shares were leaders with TRG, JS Capital, Hum Network, Worldcall and PTCL, contributing 35pc to the total turnover.

Pharmaceutical sector stood out as prime gainers with The Searle Company, Ferozsons, AGP, and Glaxo closing with ample gains. With upside expected in sales due to the pandemic, investors are betting on the benefit to travel down to the bottom line for the upcoming quarter.

Profit-booking was witnessed in the cement sector while banking showed mixed trend.

Sectors contributing to the performance include pharma, higher by 34 points, banks 32 points, fertiliser 28 points, technology 16 points while cement was down 33 points.

Among stocks, key gainers included Fauji Fertiliser, higher by 24 points, Searle 23 points, TRG 21 points, United Bank 21 points and Bank Alfalah 15 points.

Published in Dawn, July 4th, 2020