KARACHI: Share prices oscillated within a short range on Monday owing to the political upheaval prevailing in the country.

Arif Habib Ltd said the benchmark KSE-100 index managed to close the trading session on the higher side even though it opened in the negative zone.

Investors’ engagement remained modest as they awaited political clarity. Analyst Ahsan Mehanti said investors took into account the rupee’s recovery and the affirmation by the International Monetary Fund about no further financing condition for the revival of the $7 billion loan programme.

Speculations about the upcoming budget also played the role of a catalyst in the bullish close.

As a result, the KSE-100 index settled at 41,718.43 points, up 230.85 points or 0.56 per cent from the preceding session.

The overall trading volume increased 22pc to 109.2 million shares. The traded value went down 0.4pc to $11.8m on a day-on-day basis.

Stocks contributing significantly to the traded volume inclu-

ded WorldCall Telecom Ltd (16.9m shares), Telecard Ltd (11.1m shares), Hum Network Ltd (7.5m shares), Lotte Chemical Pakistan Ltd (7.3m shares) and Oil and Gas Development Company Ltd (4.9m shares).

Sectors contributing the most to the index performance were fertiliser (78.7 points), commercial banking (35 points), technology and communication (24.4 points), investment banking (23.7 points) and chemical (21.9 points).

Companies registering the biggest increases in their share prices in absolute terms were Sapphire Fibres Ltd (Rs80.01), Blessed Textiles Ltd (Rs24.30), Pakistan Tobacco Company Ltd (Rs22.90), Hinopak Motors Ltd (Rs13.59) and Towellers Ltd (Rs12.60).

Companies that recorded the biggest declines in their share prices in absolute terms were Bhanero Textile Mills Ltd (Rs79), Reliance Cotton Spinning Mills Ltd (Rs45), Shield Corporation Ltd (Rs16.50), GOC Pak Ltd (Rs4.99) and Wah Noble Chemicals Ltd (Rs4.87).

Foreign investors were net sellers as they offloaded shares worth $0.26m.

Published in Dawn, May 16th, 2023