KARACHI: Stocks closed almost flat on Wednesday after moving in narrowband with the KSE-100 index conceding another 56.93 points (0.17 per cent) to settle at 33,974.85.

Analysts at Topline Securities stated that dull activity was seen in the local bourse as investors remained on the sidelines due to absence of any key triggers.

Traded volume declined by 20pc to 193 million shares and value decreased by 30pc to Rs7.6 billion over the earlier session. Foreigners were net sellers of $2.4m.

The reports relating to shelving of textile policy under IMF direction did not affect the sector as investors believed that some relief might still be given in the future.

Investors took fresh positions in the banking sector in anticipation of better quarterly results. Bank Al-Habib’s result on Wednesday further added the confidence, as the stock gained 2.5pc.

Analyst Ahsan Mehanti at Arif Habib Corp stated that the bearish activity was witnessed after the fall in WTI prices.

Pressure in global equities and expectations of fall in local cement and fertiliser prices played a catalyst role in bearish sentiments.

Ahmed Saeed Khan at JS Global said that the oil glut in global market had forced the crude prices to enter into a downward spiral, thus the pressure was witnessed in E&P sector with the biggest laggard being APL (1.67pc).

Cherry-picking and profit-taking was witnessed in the cements and fertilisers. Interest was seen in the banking sector as three out of the five big banks closed positive.

Dealers at Global Securities stated that many oil and gas companies remained positive despite sluggish run in global crude prices.

Published in Dawn, October 15th, 2015

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