KARACHI: Stocks climbed higher on Tuesday after a volatile session that saw the KSE-100 index settle at 37,700, up by 49.73 points (0.13 per cent) after taking investors on a day-long rollercoaster ride as the benchmark moved between the intraday high and low by 288 and 282 points.

The day’s proceedings provided clear signs that the bulls were exhausted. In the face of what looks like an impending correction, brokers were the first to book profit with sale of shares worth $2.23 million. Banks followed suit with net sale of shares valued at $2m and foreigners pulled out another $1.20m from the market.

However, mutual funds, individuals, companies and insurance firms continued to take a bullish stance and took fresh positions in mainly cement and the exploration and production sectors. The rallying international market, improving crude prices and figures of large- scale manufacturing kept interest of local participants alive.

The volumes declined 17pc from the previous day to 457.2m shares while traded value remained unchanged at $116m. Stocks that contributed significantly included TRG, Hascol Petroleum, Hum Network, Fauji Cement and Hub Power, which formed 23pc of total turnover.

In the E&P sector, except for the major stock Oil and Gas Development Company, others posted gains. Among fertiliser stocks, Engro Corporation performed well. Technology topped the volumes with 71.7m shares.

Profit booking was witnessed in cement sector later in the day which saw fall in stock prices of Cherat, Maple Leaf, DG Khan and Pioneer. After substantial gains in the previous session on account of news on discovery of vaccine for the pandemic in liaison with foreign firms and price rise, pharmaceutical came under selling pressure with Searle, Ferozsons, IBHL, Glaxo and AGP conceding some of the gains. Power attracted investor interest for the second day where Kot Addu, Hub Power, Nishat Power and Nishat Chunian closed in green.

Published in Dawn, July 22nd, 2020

Opinion

Vaccine equity
Updated 08 May 2021

Vaccine equity

The TRIPS agreement is holding back equal vaccine access.

Editorial

Updated 09 May 2021

Sharif mission aborted

THE government is in no mood to let PML-N president Shehbaz Sharif leave the country. The opposition leader was...
09 May 2021

Amazon opportunity

THE decision by global e-commerce giant Amazon to add Pakistan to its sellers’ list is expected to unleash ...
09 May 2021

PCB’s parental policy

THE Pakistan Cricket Board’s announcement of its parental support policy earlier this week is praiseworthy, for...
Updated 08 May 2021

Delayed poll debate

THE debate on electoral reforms is going nowhere. Even though the major political parties say reforms are critical,...
08 May 2021

Reducing deficit

THE numbers show that the government has managed to arrest growth in fiscal deficit — the difference between the...
08 May 2021

Rise in dog bites

ON Wednesday, an unusually high number of dog-bite cases were reported in Larkana, when 19 people — the majority ...