KARACHI: The stock market continued its record setting streak for the fourth consecutive session on Tuesday as the KSE 100-index closed at 35,537.69 after adding 35.41 points (0.10 per cent) to overnight gains.

However, the market remained volatile with the index taking a plunge in the red several times during the session.

Traded volume increased by 22pc to 442 million shares while value rose by 6pc to Rs19.8 billion over the earlier session, indicating investors interest in second- and third-tier stocks.

Analysts at brokerage Sunrise Capital placed cements on the top of traded sectors, followed by banks and power generation and distribution sector.

Fecto Cement and Lafarge Cement closed at their upper circuit, while DG Khan Cement, Cherat Cement and Maple Leaf gained 4.4pc, 4.2pc and 3pc, respectively.

As the global crude prices plunged due to Greece crisis, the impact was noted on the oil and gas sector with Pakistan Oilfields, Pakistan State Oil, Oil and Gas Development Company and Pakistan Petroleum falling 4.2pc, 2pc, 2pc and 1.9pc, respectively.

Mari Petroleum closed at its upper limit after Privatisation Commission released official list of the companies to be privatised, with the company placed on second priority.

Among major news flow was the meeting called by the finance minister with the Federal Board of Revenue and traders on July 8 in Islamabad to discuss the 0.6pc withholding tax on banking transactions.

Analyst Ahmed Saeed Khan at JS Global admitted that positivity was primarily led by the cements and the banking sectors on expectation of healthy quarterly results with BAHL, AKBL and BAFL closing higher by 0.4pc, 2.6pc, and 3.3pc, respectively.

Published in Dawn, July 8th, 2015

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